Rep. Michele Bachmann, R-Minn., plans to introduce legislation repealing the Dodd-Frank financial services law, calling it "misguided" and a "blatant abuse of power."

A key criticism by Rep. Bachmann is a provision in the law that allows the federal government to take over failing non-bank institutions, such as American International Group, according to Rep. Barney Frank, D-Mass., former chairman of the House Financial Services Committee and a prime architect of the legislation.

In a statement, Rep. Frank said another key objection to the legislation by Rep. Bachmann and her conservative supporters is the creation of the independent Consumer Financial Protection Bureau.

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