Rep. Jeb Hensarling [R-Tex.], the chairman of the House Financial Services Committee, has announced that he will unveil plans to “replace the Dodd-Frank Act and promote economic growth” in a speech next week in New York. Hensarling has been one of the most vocal critics of the Consumer Financial Protection Bureau, the regulatory agency that was given birth through the Dodd-Frank Act.
The plans to replace Dodd-Frank that Rep. Hensarling will be unveiling next week could be what he alluded to back in March when shared a plan that would ease the regulation on community banks.
Rep. Hensarling will share his plan five days after the Consumer Financial Protection Bureau hosts a field hearing in Kansas City, Mo. It is expected that the agency will unveil a proposed rule to regulate the payday lending industry either at the hearing or on the same day. The topic of the field hearing is small dollar lending.
Rep. Hensarling will deliver his remarks next week to the Economic Club of New York at 8am.
