Today is the best day of Rep. Jeb Hensarling’s life. After years of ridicule, failure, frustration, disappointment, poorly-chosen comparisons (particularly popular among those currently governing our country), laying of groundwork and misdirection, he has at last achieved the thing which he was put on this earth and stayed in Congress to do: Kill Dodd-Frank. The House of Representatives today passed the Texas Republican’s Financial Choice Act, which is designed to restore the unregulated wonderland that existed on Wall Street circa 2006: No more stress tests! (Or, at least, fewer stress tests!) No more expensive new regulations! No more CFPB! No more Volcker rule! No more federal takeovers of failing banks! No more “too big to fail” designations! No favors to activists from the SEC! No more silly research showing that regulations might be necessary!
Now, we know that the president’s got some other things on his mind, but surely this is cause for celebration. Unburdening the banks everyone who works for him used to work for of the horrors of Dodd-Frank is near the top of the White House priorities list, just behind killing Obamacare and killing the fiduciary rule. And since they already did the first thing and can’t quite figure out how to do the second, surely this calls for a celebration.
Wait, the ACHA didn’t become law just by passing the House? Uh, cancel the balloon orders, I guess.
The legislation is not likely to pass intact in the Senate, where it would need to garner some Democratic support.