A top House Republican lawmaker plans to roll out a new draft of his bill overhauling the Dodd-Frank Act, the sweeping financial reform law passed by Congress in 2010, by the end of April.
In a statement to reporters Tuesday, a spokeswoman for House Financial Services Chairman Jeb Hensarling said he has set a deadline of unveiling an updated version of his bill to unwind the law “in the next few weeks.”
Until now, the Texas lawmaker and his staff have refrained from offering a specific timeline on when he might release his Dodd-Frank overhaul bill. Instead, the committee has been relaying the message that it could be “weeks” before a bill would be released — and by “weeks” that “could be two weeks or 52 weeks,” a lobbyist from a large bank told CNNMoney on Monday.
“The House Republicans have been managing expectations of this lately,” said Ian Katz, an analyst at Capital Alpha Partners. “They do still talk about overhauling Dodd-Frank. But they will note, ‘Well, we don’t control the Senate. I can’t tell you what the Senate is going to do.'”
Hensarling’s statement comes on the heels President Trump’s meeting with a group of chief executives on Tuesday, where he renewed his pledge to do a “major elimination of the horrendous” Dodd-Frank regulations.