Presumptive Republican presidential nominee Donald TrumpDonald TrumpTrump criticizes Justice for restoring McCabe's benefits Biden: Those who defy Jan. 6 subpoenas should be prosecuted Hillicon Valley — Presented by LookingGlass — Hackers are making big money MORE is meeting with House Financial Services Committee Chairman Jeb Hensarling (R-Texas) on Thursday to discuss the House GOP’s effort to replace Dodd-Frank, according to Bloomberg.
Hensarling, who supports Trump, put forth a bill this week that would replace the Wall Street regulation law, undoing many of the regulations it imposed on the financial services industry.
The Texas Republican was slated to give a speech Tuesday morning addressing the new plan at the Economic Club of New York.
“Simply put, Dodd-Frank has failed. It’s time for a new legislative paradigm in banking and capital markets,” he said, according to prepared remarks.
Hensarling’s bill is expected to face tough odds due to resistance from Democrats, but it could prove to be a benchmark for the party if Trump wins the presidency.
Democrats quickly blasted the proposal, saying it risks bringing back conditions that brought about the recession.
“The Chairman’s proposal takes a page from Donald Trump’s casino playbook by gambling with the American economy,” Rep. Maxine Waters (D-Calif.), the ranking member of the House Financial Services Committee, said in a statement.
“We cannot allow Republicans to take us back to the depths of the financial crisis by weakening regulatory oversight and giving banks the tools to game the system once again.”