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Wednesday, June 1, 2016

Hensarling to release GOP plan to replace Dodd-Frank

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) will present the GOP alternative to the Dodd-Frank financial reform law in a New York City speech on June 7.

Hensarling’s plan will come just days after Donald Trump said he would want to effectively eradicate Dodd-Frank if elected president. The GOP presidential front-runner told Reuters earlier this month that he’ll be releasing his own financial regulatory blueprint soon, which would be “close to a dismantling of Dodd-Frank.”

Since the bill was enacted in 2010, GOP lawmakers have put forward dozens of bills aimed at altering or outright removing various provisions of the law, but congressional Democrats and the White House have opposed all of these efforts.

In March remarks to the American Bankers Association, Hensarling made clear he wanted to take on the entire bill, calling the raft of new rules a “regulatory waterboarding” for banks and small businesses and argued his alternative would still be effective, but significantly simpler than the huge Dodd-Frank. Details of Hensarling’s bill have yet to be released.