Rep. Jeb Hensarling, (R-TX), chairman of the House Financial Services Committee, has scheduled an April 26 hearing for his committee to begin discussions on the 600-page Financial CHOICE Act
, which is being presented as a replacement of the 2010 Dodd-Frank Act.
According to a Reuters report
, the Financial CHOICE Act would put the Consumer Financial Protection Bureau under Congress’ oversight and add new limits to its enforcement authority. It would also allow banks to boost their capital holding while relaxing some of the Dodd-Frank Act’s banking mandates.
"Republicans are eager to work with the president to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s economic potential," said Rep. Hensarling, who offered a similar piece of legislation in the previous Congress that passed his committee but was never voted upon by the full House of Representatives.