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|Subject: Cool: GOP's Dodd-Frank rewrite would strip consumer bureau of power Wed Apr 12, 2017 5:56 am|| |
|A sweeping Republican rewrite of the Dodd-Frank Act would significantly reduce the Consumer Financial Protection Bureauís (CFPB) power and subjected it to greater White House and congressional oversight.|
The bill would turn the CFPB into an executive agency with a removable director, drastically limited powers and a budget controlled by Congress.
House Republicans are preparing major changes to the Dodd-Frank Act, the post-recession banking regulation long reviled by the GOP. House Financial Services Chairman Jeb Hensarling (R-Texas) will release a comprehensive rewrite of the bill by the end of April, a Republican committee aide said Tuesday.
President Trump said Tuesday morning that Republicans are working on "a major elimination of the horrendous Dodd-Frank regulations, keeping some obviously, but getting rid of many."
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