WASHINGTON — A sweeping Republican rewrite of the Dodd-Frank Act would significantly reduce the Consumer Financial Protection Bureau’s (CFPB) power and subjected it to greater White House and congressional oversight, The Hill reported today.
The bill would turn the CFPB into an executive agency with a removable director, drastically limited powers and a budget controlled by Congress, the publication noted.
House Republicans are preparing major changes to the Dodd-Frank Act, the post-recession banking regulation long reviled by the GOP. House Financial Services Chairman Jeb Hensarling (R-Texas) will release a comprehensive rewrite of the bill by the end of April, a Republican committee aide said Tuesday.
The full story is available at TheHill.com.