Hensarling Resumes Attack on Dodd-Frank, CFPB

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WASHINGTON — Rep. Jeb Hensarling, the new chairman of the House Financial Services Committee, resumed his criticism of the Dodd-Frank reform law on Tuesday, saying it did not eliminate "too big to fail."

The Texas Republican also said his goals for this year include reducing the regulatory burden on financial institutions and overhauling the housing finance system by increasing private sector involvement and removing government-sponsored enterprises Fannie Mae and Freddie Mac.

He also teed up concerns about the Federal Reserve ahead of Chairman Ben Bernanke's semiannual appearance in front of the banking panel tomorrow. (Bernanke appears in front of the Senate Banking Committee today.)

"I want to deal with a Federal Reserve that I now believe has blurred lines between fiscal and monetary policy," Hensarling told attendees at a Credit Union National Association conference in Washington, DC.

The conservative Republican also resumed repeated attacks on the "Orwellian-titled" Consumer Financial Protection Bureau.

"We now have a credit czar, someone who is unelected and unaccountable, who can decide what credit cards can go in your members' wallets, and decide what kind of mortgages they can take on their home, if they are lucky enough to get one," he said.

He added that a recent federal appeals court ruling, which invalidated several recess appointments made on the same day that CFPB Director Richard Cordray was confirmed last year, "brings into question every single action of the CFPB."

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