The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act is among the most inappropriately named laws ever enacted in the U.S. It neither reformed Wall Street nor protected consumers, and it imposed massive new regulations on banks far away from Wall Street.
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, has long recognized how harmful Dodd-Frank is to consumers, and he has vowed his committee will not rest until “we toss Dodd-Frank onto the trash heap of history.”
Recently, Hensarling took a giant step in that direction. At the Economic Club of New York, Hensarling outlined the Financial CHOICE Act, a bill that would repeal some of the most damaging Dodd-Frank provisions. CHOICE stands for Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs.
Hensarling told the audience: