'Wet Kiss for Wall Street': Warren Shreds GOP Attempt to Gut Dodd-Frank
"Rep. Jeb Hensarling, a Republican from Texas, outlined his proposal—the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act—in a speech at the Economic Club of New York on Tuesday. The legislation contains "sweeping provisions that effectively constitute a wish list for Republicans," according to American Banker. The plan would roll back a slew of Dodd-Frank regulations; reduce the power of the Consumer Financial Protection Bureau created by Warren; repeal the Volcker Rule that aims to stop banks from making risky bets with taxpayer-backed deposits; and prevent the Financial Stability Oversight Council from labeling insurers and other non-banks as "systemically important financial institutions"—or too big to fail—making them subject to federal constraints."
