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The Dodd-Frank Wall Street Reform and Consumer Protection Act will reach its sixth birthday this year, but if Republicans have their way it won’t ever see its seventh.
House Financial Services Committee chair Jeb Hensarling says he will announce the Republican proposal to replace Dodd-Frank on July 7, HousingWire reports. And after he casually referred to the financial regulatory legislation as “a monument to the arrogance and hubris of man,” it’s likely the Republican proposal will have significant differences.
While almost no details of the plan have been revealed, Hensarling did say one of its central tenets is to reduce regulation of the financial industry—as long as firms keep a substantial amount of capital on the books. [HousingWire]
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