WASHINGTON–Rep. Jeb Hensarling (R-TX) has renewed his call for replacing the Dodd-Frank Act and suggested that in the weeks to come new legislation will be forthcoming.
Hensarling, the chairman of the House Financial Services Committee, told the National Center for Policy Analysis here that “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. Dodd-Frank codified too big to fail and taxpayer-funded bailouts into law, made us less prosperous, and harmed our freedom – and needs to be replaced.”
Hensarling suggested the Republicans will be putting forth their own plan
That will focus on:
- Restoring economic growth through competitive, transparent and innovative capital markets.
- Protecting consumers from force, fraud and deception, but also from the loss of economic liberty;
- Ending taxpayer bailouts of financial institutions and the idea that any company is “too big to fail.”
- Replacing complexity with simplicity, because complexity can be gamed by the well-connected and abused Washington bureaucrats;
- Holding both Wall Street and Washington accountable.