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.
“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.
Representative Maxine Waters, the top Democrat on the committee, has dismissed Hensarling’s bill.
“The new version, which is even