Dodd-Frank Replacement Bill to be Unveiled June 7th
Representative Jeb Hensarling (R-TX), chairman of the House Financial Services Committee, will introduce new legislation to replace the 2010 Dodd-Frank Act on June 7th.
Although specific details of the bill are unknown, Chairman Hensarling stated earlier this month on Capitol Hill that the “most important feature of our plan, the essential core of our plan will be to provide vast regulatory relief from Washington micromanagement in exchange for banks who choose to meet high but simple capital requirements.”
Dodd-Frank is viewed negatively by many in the real estate community because of its adverse effects on the availability and affordability of credit. The 3,500 pages of financial regulation in the Dodd-Frank act has caused many smaller and community based banks to go out of business.