“A plan to revamp Dodd-Frank regulation won broad support from the financial industry on Tuesday, but its chances of enactment appear to depend on whether Donald Trump takes the White House in November.
House Financial Services Committee Chairman Jeb Hensarling met with the presumptive Republican presidential nominee at Trump Tower during the morning to brief him on his bill. While Hensarling said he has “no expectation at the moment” that Trump will endorse his plan, he noted the New York real estate magnate has supported repealing the Dodd-Frank Act.”
“He should have rejected the Wall Street wish list and focused on meaningful levels of real equity capital, but 10% is far too little and the trade-offs that gut so many other essential protections are totally unwarranted,” said Kelleher.
To read the full American Banker article by Ian McKendry click here.