Republican Congressman Outlines Dodd-Frank Rule Changes

House Financial Services Chairman Jeb Hensarling (R-Texas) is strengthening his attack on the Consumer Financial Protection Bureau and scaling back regulations on living wills and bank stress tests in new legislation expected to be introduced soon, according to a memo obtained by CNBC.

The new bill is more aggressive than the version of the Financial Choice Act passed by the committee last fall, with some of the biggest changes directed at the CFPB. The bill would turn the head of the consumer watchdog agency into a political appointee who can be dismissed at will rather than the director of an independent agency, the memo states. The previous bill called for a five-member commission to lead the CFPB.

According to the memo, the bill would strip the agency of its authority to bring cases against financial institutions under a provision known as unfair, deceptive and abusive practices and eliminate databases of consumer complaints.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza