WASHINGTON — The House Financial Services Committee will hold a hearing on a GOP Dodd-Frank overhaul plan next Wednesday as Chairman Rep. Jeb Hensarling, R-Texas, hopes to have a panel vote on the bill by the end of the month.
“Republicans are eager to work with the president to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s economic potential,” Hensarling said in a press release.
Hensarling first previewed the bill last June and it passed the committee in September without any Democratic support. He had planned to reintroduce the bill early this year, but other legislative priorities took precedent and the bill was delayed.
If the bill moves out of committee quickly, it could receive a full House floor vote by May.
Since its initial introduction last year, the new version has shifted in a more conservative direction, making it even less likely to receive Democratic support. As a result, the House bill does not have a clear path to passage in the Senate, where Democrats hold enough seats to filibuster any legislation.
The House hearing comes as Treasury Secretary Steven Mnuchin is undertaking a Dodd-Frank review and will release a report in June on recommendations and changes that could be made to the law.
Senate Banking Committee Chairman Mike Crapo, R-Idaho, has said a sweeping bill is unlikely to pass, but he is working with Democrats to find support for individual measures that could be quickly enacted.