By Lisa Lambert
WASHINGTON (Reuters) – A House of Representatives panel on Tuesday approved a proposal to revamp the Dodd-Frank Wall Street reform law, after a hearing where lawmakers verbally tussled over rules enacted in the aftermath of the 2007-09 financial crisis.
The Financial Services Committee voted to send the bill, introduced this summer by committee chairman, Republican Jeb Hensarling, to the full House to consider. No Democrat on the committee voted for the measure, which would allow banks to choose between complying with Dodd-Frank or meeting tougher capital requirements.
It would also reorganize the Consumer Financial Protection Bureau (CFPB), a watchdog created through Dodd-Frank that last week penalized Wells Fargo for creating millions of fake accounts under customers’ names.
The 2010 Dodd-Frank law, passed in the wake of the financial crisis, has drawn the ire of most banks and Republicans in Congress. They have said Congress went too far in trying to clamp down on Wall Street and the law imposes burdensome requirements and gives regulators too much power.
The CPFB has been a particular target for Republicans, who do not like that it is governed by a single director and say it reaches beyond its authority in enforcement.
READ MORE: http://finance.yahoo.com/news/u-house-committee-set-approve-dodd-frank-revamp-110629960–sector.html
I hope the changes are consider to be evenly fair for all. Not just for the Banks!
It sounds like it addresses the biggest problem of protecting citizens from government bureaucrats that are unaccountable to our legislators. We must must restore people power and checks and balances that the executive branch and some courts have taken away.