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Wednesday, April 17, 2013

Hensarling Pledges Action on Reg Relief, CFPB Bills

Just a few months into his chairmanship of the House Financial Services Committee, Rep. Jeb Hensarling (R-Texas) yesterday pledged action on regulatory relief for community banks.

“We have to cut the sheer weight, volume, load and complexity of red tape that is suffocating job-creating entrepreneurs and the community banks that lend to them,” Hensarling told bankers attending the ABA Government Relations Summit.

He added that the Dodd-Frank Act is the source of much of that red tape, including provisions that created a powerful regulator --the Consumer Financial Protection Bureau --that lacks appropriate congressional oversight. “I guarantee you our committee will take up legislation that at a minimum will ensure the CFPB is governed by a bipartisan commission and will be put on budget,” Hensarling said.