Tag Archives: Wall Street Reform

The Financial Choice Act, introduced last June by House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and passed though the Committee in September, may come to the forefront again soon now that the new administration is about to begin.

The U.S. Department of the Treasury says that looking back eight years after the housing crisis, clear economic recovery has been seen as well as enormous progress creating a more stable and secure financial system.

Sen. Elizabeth Warren, the primary architect of the Consumer Financial Protection Bureau and a champion of Wall Street reform, along with President Obama discussed how far the American financial system has come since the crisis.

The two Democrats have been in touch throughout the primary season and are planning to discuss tougher regulations for Wall Street.

Rep. Jeb Hensarling, Chairman of the House Financial Services Committee, unveiled the Financial CHOICE Act, a plan he believes will end taxpayer-funded bailouts and provide pro-growth regulatory relief.

Two GOP plans to overhaul the controversial Dodd-Frank Wall Street Reform Act are expected to be revealed in the next week or so.

The Democratic Senator from Ohio is urging the heads of the Federal Reserve, OCC, and FDIC to resist pressure from Wall Street banks to weaken the rules that require the banks to hold more capital.

The hearing, titled "The Dodd-Frank Act Five Years Later: Are We More Free?" was the third in a series of hearings examining the impact of the controversial legislation on the prosperity, freedom, and financial stability of American consumers.

Duffy said in Wednesday's editorial at the time Dodd-Frank was passed in July 2010, President Obama promised it would "lift the economy," stabilize markets, protect Americans' hard-earned money, and end "too big to fail" to ensure that the failure of any one financial institution would threaten the stability of the global economy.

One of the witnesses at the hearing, Dean and Professor of Law at the University of Virginia School of Law Paul G. Mahoney, said a consequence of Dodd-Frank will be fewer and larger banks in the United States, because Dodd-Frank has layered on "costly new regulations that the large banks can afford but smaller ones cannot."