House Republicans unveil economic plan, including Dodd-Frank replacement

By: Mortgage Professional America - Ryan Smith - June 15, 2016

House Republicans on Tuesday unveiled a plan to grow the economy that included the Republican alternative to the Dodd-Frank Act.

The Republican plan called for “tackling excessive regulation,” according to a House Financial Services release. The plan included the framework of the Financial CHOICE Act, the plan to replace Dodd-Frank outlined by committee chairman Jeb Hensarling (R-Texas) last week.

“If we want strong economic growth and more freedom, we must empower Americans, not Washington bureaucrats,” Hensarling said. “We must offer all Americans greater opportunities to raise their standard of living and achieve financial independence. In a phrase, we need economic growth for all and bank bailouts for none. This is the foundation of the Republican plan to reignite growth by replacing Dodd-Frank with real reforms that work.”

The plan includes “at least 101 ideas,” according to House Republicans, including:

• Cutting nown on “needless regulations” and making “the rules we do need more efficient and effective.”
• Ending bailouts
• More affordable choices for workers and students

The full plan is available at better.gop.

How will this affect the private money lending environment?