Derisively described by critics as “Obamacare for the financial sector,” the Dodd-Frank Act is persistently targeted for repeal by Congressional Republicans in much the same way as healthcare reform. If you thought another full-throttle attack on the 2010 legislation might be on hold until November’s elections map out new political realities, you were wrong.
One of the most vigorous assaults yet came on June 7 from House Financial Services Committee Chairman Jeb Hensarling (R-TX). During a speech at the Economic Club of New York, he unveiled details of the Financial CHOICE Act, a Republican plan “to replace the Dodd-Frank Act and promote economic growth.” The acronym stands for Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs.
