“A replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act was unveiled Tuesday by House Financial Services Committee Chairman Jeb Hensarling, R-Texas. 

“The Republican legislative proposal that will be introduced later this month would repeal the Volcker rule and reduce capital demands on banks; end taxpayer-funded bailouts and the concept of “too big to fail”; and retroactively repeal the Financial Stability Oversight Council’s authority to designate firms as systematically important financial institutions. It also calls for regulatory relief and tougher penalties for financial fraud.”

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“Dennis Kelleher, president and CEO of Better Markets, a non-partisan, non-profit organization, called the proposed legislation ‘a missed opportunity’ to propose reforms that would have received bipartisan support.”

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