Republicans Unveil Another Bill to Scale Back Dodd-Frank

On Tuesday, June 14th, House Speaker Paul Ryan (R-WI) unveiled a Republican regulatory overhaul plan that would scale back the Dodd-Frank Wall Street Reform and Consumer Protection Act, expand energy production on federal land and limit lawsuits against businesses. According to a Bloomberg article on the matter, “The wide-ranging proposal is the third plank of a six-part policy agenda that Ryan… and other House leaders are releasing to unify the party ahead of November elections.”

Bloomberg notes that the financial services section of the plan largely resembles legislation from a proposal released earlier this month by House Financial Services Committee Chairman Jeb Hensarling (R-TX). As reported by SFIG, the Hensarling plan would “end taxpayer-funded bailouts of large financial institutions; relieve banks that elect to be strongly capitalized from ‘growth-strangling regulation’ that slows the economy and harms consumers; and impose tougher penalties on those who commit fraud as well as greater accountability on Washington regulators.”

The Ryan plan notably incorporates additional legislation that would wind down Fannie Mae and Freddie Mac and block new Obama administration rules requiring U.S. brokers managing retirement accounts to put customers’ interests ahead of their own, according to Bloomberg.

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