WASHINGTON–A proposal being floated by Rep. Jeb Hensarling, who chairs the House Financial Services Committee, to replace much of Dodd-Frank will likely spark “lively discussion,” but not much legislative action is expected on the bill in the current Congress, according to CUNA.
As CUToday.info reported here, Hensarling said “Dodd-Frank stands as a monument to the arrogance and hubris of man in that its answer to incomprehensible complexity and government control is even more incomprehensible complexity and government control.” He suggested congressional Republicans will put forth their own plan to replace Dodd-Frank, but details have been few at this point.
Eli Joseph, CUNA’s deputy chief advocacy officer, said the proposal is much more likely to be see the committee agenda in the next congressional session.
“We expect the effort will include several community financial institution proposals,” said Joseph. “There could be more than two-dozen regulatory relief bills included in the legislation.”
Joseph said CUNA expects the CFPB to be addressed as part of any Hensarling plan, including a five-member oversight panel and placing the agency beneath the appropriations process, both of which the trade group supports.