Rep. Jeb Hensarling wants to Undo Most of Dodd-Frank Act

Rep. Jeb Hensarling wants to Undo Most of Dodd-Frank Act

It seems Chairman of the House Financial Services Committee, Rep. Jeb Hensarling, R-Texas is looking forward to completely doing away or changing significant parts of some financial regulations that were passed by Congress before the 2008 financial crisis. The changes include the Dodd-Frank Act, the Democrats' signature legislation.

Hensarling said, "Simply put, Dodd-Frank has failed. It's time for a new legislative paradigm in banking and capital markets. It's time to offer all Americans opportunities to raise their standards of living and achieve financial independence."

On Tuesday, Rep. Jeb Hensarling and Donald Trump met to discuss a Republican alternative for the 2010 Dodd-Frank law. Though it is clear that if Trump comes to power he will replace the Dodd-Frank but it is still not clear, with exactly what.

On Tuesday morning, Hensarling gave the details of the proposed alternatives he proposes for the 2010 regulatory-overhaul law while delivering a speech at the Economic Club of New York.

Earlier, Mr. Trump has said that if elected as the President he would take apart almost the entire of Dodd-Frank but till now has not given out any details.

However, there are no chances of Mr. Hensarling's proposals becoming a law this year as Democrats in the Senate would surely block it and the current President is definitely going to veto it in case it lands up on his desk.