Beltway Confidential

Here’s why the GOP plan to replace Dodd-Frank is a marked improvement

By Clark Packard
Published April 25, 2017 5:57pm ET
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Here’s why the GOP plan to replace Dodd-Frank is a marked improvement
Taxpayers should be heartened that the era of regulatory micromanagement of the financial services industry may come to an end this year. (AP Photo/Susan Walsh) | Susan Walsh

On Wednesday, the House Financial Services Committee, under the leadership of Chairman Jeb Hensarling, R-Texas, will begin hearings on the Financial Choice Act (Choice Act), House Republicans’ plan for replacing Dodd-Frank. The Choice Act is a marked improvement over Dodd-Frank, passed in 2010 by the Democratic Congress and signed into law by President Barack Obama, in response to the financial crisis of 2008.

A well-functioning financial services industry is vital to continued American prosperity. Thankfully the Choice Act offers a strong alternative to Dodd-Frank and the regulatory morass it created.

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Commentary Dodd-Frank Act Federal Reserve Finance