Hensarling promises new bill to overhaul Dodd-Frank by end of April

by Ryan Smith18 Apr 2017
The chairman of the House Financial Services Committee says he’ll unveil a new draft of a bill to overhaul the Doff-Frank Act by the end of the month.

A spokesperson for Rep. Jeb Hensarling (R-Texas) said that the congressman has set a deadline for rolling out the updated version of the bill, according to a CNNMoney report.

Heretofore, Hensarling has been cagey when it came to providing a timeline for the updated Financial Choice Act. But now the Texas Republican appears to be riding in the wake of President Donald Trump’s recent promise to CEOs that there would soon be a “major elimination” of Dodd-Frank regulations.

Sources told CNNMoney that Hensarling had been waiting for a go-ahead from leadership before releasing the updated bill. The latest version would drastically slash the authority of the Consumer Financial Protection Bureau and place it more directly under White House control, according to the report. It would also restructure the agency’s leadership regime, eliminating the single director in favor of a commission.

In addition, the revamped CFPB would be stripped of its authority to crack down on “unfair or deceptive practices,” according to CNNMoney.

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