77.2 F
Fort Worth
Friday, October 23, 2020
Banking U.S. House passes sweeping financial deregulation bill from Jeb Hensarling

U.S. House passes sweeping financial deregulation bill from Jeb Hensarling

Other News

Second whistleblower fired from Texas attorney general’s office after accusing Ken Paxton of bribery

By Emma Platoff, The Texas Tribune Oct. 22, 2020 "Second whistleblower fired from Texas...

Tarrant County gets tough on DWI

Tarrant County Criminal District Attorney Sharen Wilson announced Oct. 21 that Tarrant County now is No Refusal all the time.

US officials link Iran to emails meant to intimidate voters

By ERIC TUCKER and FRANK BAJAK Associated PressWASHINGTON (AP) — U.S. officials accused Iran on Wednesday of being behind a flurry of...

Ex-Blue Bell Creameries CEO charged in deadly listeria case

AUSTIN, Texas (AP) — The former president of Blue Bell Creameries has been charged with wire fraud for allegedly trying to cover...

 

June 8, 2017

WASHINGTON – The U.S. House passed on Thursday a massive bill that aims to repeal Obama-era Wall Street regulations. 

The new legislation, known as the Financial CHOICE Act, is the signature legislative effort of U.S. Rep. Jeb Hensarling, R-Dallas, during his tenure as the House Financial Services Committee chairman.

The bill dismantles much of the 2010 Dodd-Frank Wall Street overhaul, which was drafted in response to the 2008 financial crisis and became a signature accomplishment of the Obama administration. 

While the bill breezed through the House chamber on a mostly party-line vote, it’s path forward in the U.S. Senate is far less certain, where Democratic support would be needed to draw the necessary 60 votes. 

The Hensarling bill is an embrace of free-market principles over Dodd-Frank regulations that he and other Republicans argued inhibited economic growth. Hensarling is one of the staunchest believers in such policies and was a protege of former U.S. Sen. Phil Gramm of Texas, who helped lead financial deregulation efforts in Congress in the 1990s. 

The Hensarling bill, if it passes becomes law, will: 

  • Repeal the “too big to fail” procedures designed to unwind large investment banks in the event of a meltdown, out of concern that their immediate closure would create instability in the financial industry.
  • Severely weaken the Consumer Financial Protection Bureau, a government agency with a mission to protect consumers from predatory lenders. Earlier this year, Hensarling called the bureau “Orwellian.”  

Hensarling spent much of the afternoon managing the debate on the House floor and made his own remarks.

“There will be economic growth for all, bank bailouts for none, and we will have an America that is only limited by the size of its dreams,” Hensarling said. His bill had the strong backing of a close friend, U.S. House Speaker Paul Ryan.

House Democratic leaders were unconvinced and bashed the bill in a news conference just prior to the vote.

Hensarling’s Democratic counterpart on theHouse Financial Services Committee, Maxine Waters of California, told reporters the bill would “pave the way back to the financial crisis.”

The Democratic whip, U.S. Rep. Steny Hoyer of Maryland, forecasted that the bill would never make it to President Trump’s desk.

“I am sure it will not pass the United States Senate because it is the wrong choice,” he said.

This article originally appeared in The Texas Tribune at https://www.texastribune.org/2017/06/08/us-house-passes-hensarlings-landmark-deregulation-legislation/.

Texas Tribune mission statement

The Texas Tribune is a nonprofit, nonpartisan media organization that informs Texans — and engages with them — about public policy, politics, government and statewide issues.

Latest News

AP FACT CHECK: Examining claims from last Trump-Biden debate

WASHINGTON (AP) — President Donald Trump and Democratic challenger Joe Biden sparred Thursday in their final presidential debate, hoping to sway undecided...

Texans John Cornyn and Ted Cruz vote to advance Amy Coney Barrett’s Supreme Court nomination to the full Senate

By Kelsey Carolan, The Texas Tribune Oct. 22, 2020 "Texans John Cornyn and Ted...

Bank OZK: 3Q Earnings Snapshot

LITTLE ROCK, Ark. (AP) _ Bank OZK (OZK) on Thursday reported third-quarter earnings of $109.3 million.The Little Rock, Arkansas-based bank that has...

First Financial: 3Q Earnings Snapshot

ABILENE, Texas (AP) _ First Financial Bankshares Inc. (FFIN) on Thursday reported third-quarter net income of $52.9 million.The Abilene, Texas-based bank said...

Hilltop Holdings: 3Q Earnings Snapshot

DALLAS (AP) _ Hilltop Holdings Inc. (HTH) on Thursday reported third-quarter earnings of $153.3 million.The bank, based in Dallas, said it had...