U.S. House banking chairman unveils Dodd-Frank replacement

The head of the U.S. House of Representatives’ banking panel has unveiled the Republicans’ most ambitious plan so far to loosen financial regulations, a 600-page bill to replace the Dodd-Frank financial reform law.

Representative Jeb Hensarling, who chairs the House Financial Services Committee, also set an April 26 hearing to discuss replacing the 2010 law. (bit.ly/2oMiHL4)

“Republicans are eager to work with the president to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s economic potential,” the Texas Republican said in a statement.

The blueprint of Hensarling’s bill has been known for some time. He first introduced a similar measure in 2016, where it passed his committee but was not considered by the full House.

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