GOP banking chair: Dodd-Frank dismantling is first-year priority for Trump
(Washington Examiner/Lawler) Dismantling President Obama‘s financial reform law is not a priority for President-elect Trump’s first 100 days, the author of GOP legislation to undo the law said Thursday, but it is a task for Trump’s first year.
“I’ve had conversations with the president-elect, the vice president-elect, I know it is a big priority,” said Jeb Hensarling, the chairman of the House Financial Services Committee. “The president-elect committed to dismantle Dodd-Frank. It’s going to happen in the first year.”
Hensarling, who was speaking in an appearance on CNBC, added that “a lot” of the law could be dismantled through executive action by Trump. Furthermore, “a lot” could be undone using reconciliation, a parliamentary maneuver that allows for passing legislation with only 51 votes in the Senate, rather than the 60 typically needed to overcome a filibuster.
Last fall, Hensarling’s panel advanced comprehensive reform legislation that would have undone many of the 2010 Dodd-Frank law’s regulations and given banks the option of opting out of many rules if they agree to maintain significantly higher capital levels.
The Texas Republican has said that he’s working with the Trump transition to update the plan.
But it will have to wait until after the top legislative priorities identified by Trump for the start of his administration, namely repealing Obamacare, reforming taxes and strengthening borders.