House Financial Services Chairman Jeb Hensarling, R-Texas, said Wednesday during a committee hearing that the 2010 Dodd-Frank Act has been a major failure since it passed Congress four years ago.

The week marks the four-year anniversary of the Dodd-Frank Act, which added, among other things, additional oversight to the nation's financial institutions. Republicans have long maintained that the law was harmful to the economy, businesses and the American people.

One of the authors of the bill, former Rep. Barney Frank, was a witness at Wednesday's hearing and the two men debated their positions on the law.