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Senate Minority Leader-elect Chuck Schumer of N.Y. speaks during an interview with The Associated Press in his office on Capitol Hill in Washington, Friday, Nov. 18, 2016.

Alex Brandon/AP

Incoming U.S. Senate minority leader Chuck Schumer, drawing a line in the sand for the next administration, said he has the votes to stop president-elect Donald Trump from repealing the Dodd-Frank Act and "the rules we put in place to limit Wall Street."

Mr. Schumer predicted that the Senate's Democratic minority would get help from Republicans in any such fight. "We have 60 votes to block him," Schumer said in an interview on NBC's Meet the Press.

As a candidate, Mr. Trump said he would scrap Dodd-Frank, Congress's attempt to legislate new rules to prevent a repeat of the 2008 financial crisis. Following Mr. Trump's victory on Nov. 8, his transition team said it will be "working to dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation."

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