Hensarling Could Be Wall Street’s Best Hope or Worst Nightmare

With some in the finance industry salivating over the prospect of deregulation under Donald Trump, a key power broker is emerging who might bring headaches for Wall Street.

House Financial Services Committee Chairman Jeb Hensarling has already been rumored as a potential Treasury Secretary under Trump and he’s got a plan at his fingertips for ripping up and replacing the Dodd-Frank Act. The Texas congressman -- who met with the president-elect at Trump Tower Thursday -- has said he’s been in constant discussion with Trump’s transition team about his proposed legislation, which many lobbyists expect to be the starting point for rewriting bank rules in a Republican-controlled government.