Super-Capitalized Banks Free From Rules in Republican’s Plan
- Hensarling unveils plan to scrap Dodd-Frank Act in N.Y. speech
- Long-shot proposal also targets Volcker Rule, Consumer Bureau
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A top House Republican wants to cut a deal with U.S. banks: Raise several hundred billions of dollars in additional capital and Washington will let you break free from a litany of burdensome rules.
House Financial Services Committee Chairman Jeb Hensarling has made the idea a key provision of his long-shot proposal for scrapping the Dodd-Frank Act. The plan, which Hensarling outlined Tuesday, also would get rid of Volcker Rule limits on banks trading with their own capital and change the Consumer Financial Protection Bureau’s structure to make the agency’s director less powerful.