US congressman Jeb Hensarling's proposed financial reform
legislation has been labelled an attempt to repeal the
Dodd-Frank Act. It is unlikely to win widespread support,
according to some counsel.
Congressman Jeb Hensarling, chairman of the House Financial
Services Committee, unveiled legislation designed to undo
the 2010 Dodd-Frank Act.
Speaking to the Economic Club of New
York on June 7, Hensarling discussed his proposed Financial CHOICE Act, standing for
Creating Hope and Opportunity for Investors, Consumers and
Entrepreneurs. According to Hensarling, the Act is aimed at promoting economic growth
in the US, as well as calling for systemic risk to be managed
through market discipline rather than regulatory
structures. For the latter, the Act of course takes aim at
"When they voted for it, supporters of Dodd-Frank told us it
would promote financial stability, end Too-Big-To-Fail, and
lift the economy. None of this has come to pass," said...