The wait is over—Republicans just unveiled their proposal to reform, or dismantle, the Dodd-Frank financial regulatory legislation.
Jeb Hensarling, a Republican representative from Texas, says the new plan would repeal the Volcker Rule, a provision that prevents banks from making risky bets with their own money, the New York Times reports. The plan would also let the nation’s largest banks exempt themselves from all capital and liquidity requirements, along with other regulatory standards, if they can prove they have enough capital to maintain a 10% leverage ratio.
While the plan does away with a huge amount of financial regulatory oversight, it does call for imposing strong penalties for financial fraud along with more transparency in the enforcement process. [NTY]
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