There is a movement afoot in Congress to pull the plug on the Dodd-Frank financial services law.

Rep. Michele Bachmann (R-Minn.) has introduced a measure, H.R. 87, calling for the repeal of Dodd-Frank. Rep. Bachman calls the law a "blatant abuse of power." She is also opposed to the provision in Dodd-Frank manadating the creation of the Consumer Financial Protection Bureau (CFPB). The CFPB would establish rules for non-bank institutions such as insurers and payday loan firms.

Prior to passage of Dodd-Frank, the federal government had no authority over non-bank financial institutions.

Rep. Bachmann is seeking co-sponsors for her legislation. She said her bill has the support of the Club for Growth, an organization that promotes fiscally conservative spending.

Rep. Barney Frank (D-Mass.), one of the architects of Dodd-Frank, said Rep. Bachmann's attempt to repeal the law shows the right is hypocritical about their desire to resolve the nation's economic woes.

H.R. 87 has been referred to the Committee on Financial Services, as well as the Committees on Agriculture, Energy and Commerce, the Judiciary, the Budget, Oversight and Government Reform, Ways and Means and Small Business.