President Donald Trump sent his congratulations to House Financial Services Committee chairman Jeb Hensarling after the House passed his legislation repealing parts of the Dodd-Frank Act.
Hensarling, a Texas Republican, crafted the Financial Choice Act to bring an end to Dodd-Frank, which he told reporters Wednesday, "represents the greatest regulatory burden on our economy, more so than all the other Obama-era regulations combined," according to NPR.
"There is a better way: economic growth for all; bank bailouts for none," he added.
The bill passed Thursday 233-186 along partisan lines, causing the most ire among Democrats for its downsizing the Consumer Financial Protection Bureau. Hensarling opposed the CFPB for its structure with a single executive at the head.
"To think in a democracy that one un-elected individual can functionally decide what credit cards go in our wallets, what mortgages we can have on our home, whether or not we even have a checking account. I mean, that's just anathema to me to the founding principles of this republic," Hensarling said in May at the American Enterprise Institute.
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