A top House Republican said Wednesday he is aiming to work with President-elect Trump to undo President Obama's pending rules on retirement advice and payday lending.
Rep. Jeb Hensarling, the chairman of the House Financial Services Committee, outlined his priorities for the next Congress during a speech in downtown Washington and said he would aim to shutter Fannie Mae and Freddie Mac.
Reform of the Federal Reserve also "remains a top priority," Hensarling said.
The Texas Republican is the author of a sweeping financial reform bill, the Financial CHOICE Act, that would replace Obama's 2010 reform bill. While Trump has not endorsed Hensarling's bill, he has expressed support for the goal of replacing the existing Dodd-Frank law. Hensarling said Wednesday that he was working on version "2.0" of the plan.
He also said that he is in "fairly constant dialogue" with Trump's transition team.
Hensarling, known as a staunch conservative, has been a top critic of the Department of Labor's finalized rule on conflicts of interest in retirement advice. The Obama administration has said the "fiduciary" rule, requiring advisers to act in their clients' best interest, is necessary to prevent brokers and advisers from bilking their clients, but the industry and Republicans have argued that it will cut off access to advisers.
House Republicans have also been highly critical of the Consumer Financial Protection Bureau, the agency promulgating the payday lending rule.
As for Fannie and Freddie, Hensarling's committee passed far-reaching legislation in 2013, on a partisan basis, to close the two bailed-out mortgage businesses and curb the government's role in guaranteeing mortgages. The bill failed to gain traction in the House, however, amid opposition from the housing and banking industries.
The housing market, Hensarling argued, is not "fundamentally different" from any other market.
He also suggested a major topic for his committee this year will be a reauthorization of the federal flood insurance program that limits the government's role and makes private capital more central.