WASHINGTON—House Financial Services Chairman Jeb Hensarling (R-TX) said he is confident Congress will take action this year to reform Dodd-Frank.
"Every conversation I've had with the president, the vice president and the speaker is that this remains a this year priority," Hensarling told Reuters after he addressed the American Bankers Association conference in Washington.
Hensarling also told the ABA that there were major tests ahead for his efforts to significantly alter the regulatory landscape for financial institutions. He noted that his counterpart, Senate Banking Committee Chairman Mike Crapo, a Republican, faces the task of attracting enough Democratic backers to clear legislation there, Reuters reported.
The support of at least eight Democrats would be needed to pass any major changes to Dodd-Frank. However, Hensarling noted that some of the most prominent voices in that party, like Sen. Elizabeth Warren, have honed an acute message critical of Wall Street that makes it more difficult to muster that backing.
"(Crapo) has challenges that I do not have," said Hensarling, who can move legislation through the House with solely Republican support. "Right now, I fear that a lot of Democratic senators are intimidated, frankly, by their political base."