House Republicans’ top banking legislator said Tuesday that he looks forward to working with Donald Trump to repeal and replace President Obama’s financial reform law.
Jeb Hensarling, chairman of the House Financial Services Committee, said after unveiling an alternative to the 2010 Dodd-Frank law in New York City that he had “common ground” with the likely GOP nominee on undoing the financial regulatory law.
The two Republicans also met in New York Tuesday after Hensarling’s address.
Hensarling, a staunch conservative, acknowledged that he has differences with Trump, but indicated that he thought he could work with him on his priorities.
“There is much that Donald Trump has said and done with which I disagree,” said Hensarling, who initially endorsed fellow Texan Ted Cruz before backing Trump.
“Who knows: He may be president of the United States, he may not be,” Hensarling mused. “But if he is, he’s committed to [repealing Dodd-Frank], I look forward to speaking with him one day about this plan.”
Hensarling’s proposal to offer banks the option to back out of Dodd-Frank rules if they maintain high levels of capital is part of a House Republican effort to outline a policy agenda ahead of the fall elections and to prepare legislation for a victorious Republican president to sign.
Trump has said repeatedly he would aim to repeal most or all of Dodd-Frank, although he has not offered specific criticisms of the law or laid out alternatives.
