Hensarling Praises Senate Effort on Targeted Dodd-Frank Relief

By Jeff Bater

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) isn’t ready to commit to a scaled back Dodd-Frank relief bill after the Senate Banking Committee advanced a bipartisan measure that eases regulatory burdens for small and mid-sized lenders.

“It’s been a while since we’ve seen progress on these issues out of the Senate, so I salute Sen. Crapo on his work, and I’m anxious to see what he can get passed on the Senate floor,” Hensarling told Bloomberg Law.

Hensarling was referring to legislation (S. 2155) sponsored by Senate Banking Committee Chairman Mike Crapo (R-Idaho) and supported by nearly a dozen Senate Democrats. The bill would free a number of regional banks from systemic risk designations, which trigger increased oversight and regulation, and would cut compliance costs for community banks.

Crapo’s bill was advanced Dec. 5 by the Senate committee. In June, the House passed a much broader overhaul (H.R. 10) of the Dodd-Frank Act sponsored by Hensarling. But the House bill only has Republican support.

Earlier today, in a speech at a conference on the future of the U.S. housing market, Hensarling said he would work on a bipartisan basis to come up with a housing finance reform package provided it included certain key principles.

To contact the reporter on this story: Jeff Bater in Washington at jbater@bloomberglaw.com

To contact the editor responsible for this story: Michael Ferullo at mferullo@bloomberglaw.com

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