A major plan has been unveiled by a top House Republican to replace the Dodd-Frank financial reform law, which has been roundly criticized as being too burdensome by everyone from GOP lawmakers to Wall Street executives.
"Rep. Jeb Hensarling, R-Texas, chairman of the House Financial Services Committee, called the 2010 law 'a grave mistake foisted upon the American people' as he laid out the alternative that Republicans could seek if they win the White House in November," the Los Angeles Times is reporting
He said the new program would "offer all Americans opportunities to raise their standards of living and achieve financial independence," according to the Times.
The proposed law would curtail the power of the new Consumer Financial Protection Bureau, according to the newspaper. It would also allow banks to increase the amount of capital they hold to avoid stricter regulatory oversight.
"Simply put, Dodd-Frank has failed," Hensarling said.
But the Times noted the proposed reforms have no chance of passing this year — and even if they did President Obama would veto it.
However, The Hill is reporting
, the plan could be used as a blueprint for reforms if presumptive Republican nominee Donald Trump wins the general election in November.
Hensarling blames a lackluster economic recovery on the Dodd-Frank law, which he claims has hamstrung the economy, according to The Hill.
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