House GOP Offers Taste Of Trump’s America

Vis-a-vis Dodd-Frank.
By [CC BY-SA 2.0], via Wikimedia Commons

via Wikimedia Commons

House Republicans know that Chamber of Commerce Republicans aren’t exactly thrilled about the ascendance of one Donald J. Trump. Hell, they aren’t thrilled, either. But in case those Main Street G.O.P.ers think there’ll be no difference between Trump and Hillary, that maybe even for the sake of decency and the survival of the planet they might consider penciling her in on Nov. 8, the House Financial Services Committee wants to remind you of one key potential difference under President Trump: That Chairman Jeb Hensarling’s long, often-quixotic effort to kill Dodd-Frank dead won’t happen under the third Obama term, but might feature in certain efforts to Make America Great Again.

The House Financial Services Committee voted 30-26, largely along party lines, for a bill written by Chairman Rep. Jeb Hensarling (R., Texas) to replace the Dodd Frank Act adopted in the wake of the financial crisis….

While the bill is likely to clear the House, it isn’t expected to get traction in the Senate, and is viewed largely as a Republican blueprint for an effort in the next Congress to scale back restrictions on the financial industry and rein in the Consumer Financial Protection Bureau….

Mr. Hensarling’s bill contains dozens of initiatives to eliminate core elements of the Dodd-Frank law, including limiting the CFPB’s power to penalize institutions for “abusive practices.” It would also replace the bureau’s sole director with a five-member bipartisan commission and a budget subject to congressional appropriations.

House Financial Services Committee Passes Bill to Overhaul Dodd-Frank Law [WSJ]