Hensarling on the Move!


Rep. Jeb Hensarling’s revised proposed legislation to replace Dodd-Frank was unveiled yesterday and is expected to be introduced later this month. The Journal wrote: “The summary of proposed legislation from House Financial Services Committee Chairman Jeb Hensarling (R., Texas) shows the bill could ease a number of heightened regulatory standards enacted through the 2010 Dodd-Frank financial-overhaul law. Mr. Hensarling’s legislation, known as the Financial Choice Act, would curtail certain powers of federal financial agencies such as the Consumer Financial Protection Bureau and the Securities and Exchange Commission. A side-by-side comparison by the Journal of the changes in the original (1.0) and revised (2.0) versions are available here. Notably, the new version calls for the giving the president the ability to remove the director and deputy director of the Consumer Financial Protection Bureau at will, and stripping the agency of its rulemaking and supervisory powers. On the same day, President Trump told a group of CEOs on his “Strategic and Policy Forum” that his administration was reducing regulations and overhauling Dodd-Frank, and that the “’bankers in the room, they’ll be very happy because we’re really doing a major streamlining and, perhaps, elimination, and replacing it with something else,’” CNBC reported.

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