House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Texas, is at the forefront of reforming Dodd-Frank, spearheading one of the most prominent options to change the controversial act.
His position of authority brings a lot more weight to his recent comments during a CNBC interview where he stated that dealing with Dodd-Frank is a this-year priority.
After CNBC questioned Hensarling on where Dodd-Frank stood in terms of priorities under President Donald Trump, he responded saying, “In every conversation I’ve had with the president, vice president and speaker, dealing with Dodd-Frank is a this year priority.”
He added that financial reform comes behind dealing with Obamacare and tax reform.
After barely being mentioned during election season, housing quickly got pushed to the top of the pile once President Trump took office.
Earlier this month and within his first 100 days of presidency, Trump signed an executive order to begin the roll back the Dodd-Frank Wall Street Reform Act, and Hensarling was standing right next to him when he signed it.
Not too long after Trump signed the executive order, a memo from Hensarling’s desk revealed an even more aggressive version of the Financial CHOICE Act, the Republican-led effort to repeal and replace Dodd-Frank, with the Consumer Financial Protection Bureau facing some of the most drastic changes.
Hensarling’s office still hasn’t put out an official update to the CHOICE Act since the memo was leaked earlier this month, but as Hensarling noted in the CNBC interview, this Congress is still in its early stages.
Check out the full video below. The first part focuses on tax reform, with a few snippets on regulatory reform, but the juicy part on Dodd-Frank doesn’t happen until 3:52.