Hensarling Likely to Offer Alternative Bill to Dodd-Frank

According to a press release from the House Financial Services Committee, Chairman Jeb Hensarling (R-TX) will offer “a pro-growth, pro-consumer alternative to the Dodd-Frank Act’s ‘regulatory waterboarding’ that is harming the economy and consumers.” Important to SFIG members, Chairman Hensarling called for “effective capital standards, not government control.” As stated in the press release:

The bold and better alternative you will see from committee Republicans will provide vast regulatory relief for financial institutions in exchange for meeting high, but simple, capital requirements. If financial institutions elect to hold strong Tier 1 capital, then they should gain relief from both Dodd-Frank and Basel’s burdensome regulations, neither of which were meant for community banks and shouldn’t apply to them to begin with.

Chairman Hensarling also advocates the need for measures to hold Washington accountable, which he proposes accomplishing by ensuring every financial regulation passes a rigorous cost-benefit test. According to the Chairman, “The Ranking Democrat on my committee has called cost-benefit tests ‘dangerous.’ But shouldn’t we know the impact a proposed regulation will have on our economy before it gets implemented? Only in Washington is this called ‘dangerous.’ In my hometown and yours, it’s called common sense.”

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