House Financial Services Committee Chairman Jeb Hensarling (R-TX) said this week he would support a Senate-passed bill to roll back parts of the 2010 Dodd-Frank financial overhaul.
The Senate passed the Dodd-Frank overhaul bill in March, which was less ambitious compared to Hensarling’s Financial CHOICE Act. Hensarling said he could support the Senate bill as long as there were “other pathways” to advance more financial reforms not included in the Senate bill.
Chairman Hensarling said at the U.S. Chamber of Commerce this week, “I would be happy to attend multiple signing ceremonies in the White House. The more pens, the merrier.”
Hensarling’s support for the Senate Dodd-Frank bill reflects the political reality that any changes in a House-passed bill could upset the bipartisan support for the bill.
Sen. Mark Warner (D-VA) warned this week that the Senate bill “will not pass” if the House passes a revised version of the bill, which would require Congress’ upper chamber to revote on the legislation.
The Senate bill would lower the heightened regulatory threshold for financial banks to $250 billion from $50 billion, cutting the number of banks that receive increased scrutiny from roughly 38 banks to 12.
Hensarling continued, “I am not naive about these matters. I know that ultimately the fate of these House bills rest with approximately eight self-styled moderate Senate Democrats.”
Warner added at an American Bankers Association conference, “We have stretched this about as far as we can go. The House of Representatives needs to accept this legislation.”
Hensarling’s announcement comes as the Commerce Department announced that gross domestic product grew at 2.3 percent, which was the best growth rate at the start of the year since 2015. American jobless claims fell by 24,000 to 209,000, which serves as the lowest level since 1969.
Marc Short, the White House’s legislative director, said that he was “hopeful” that the president can sign the bill before Memorial Day.