New Congress Convenes Jan. 3 With Dodd-Frank in Mind

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By Richard Hill

The 115th Congress convenes Jan. 3 with GOP majorities in both chambers in what otherwise is shaping up to be a slow week in financial services regulation.

Republican priorities for financial services oversight include passing a new version of Rep. Jeb Hensarling’s (R-Texas) Financial Choice Act. First introduced in 2016, the bill is seen as a vehicle for rolling back the Dodd-Frank Act, a stated goal of President-elect Donald Trump. It was advanced on a partisan basis by Hensarling’s Financial Services Committee in September.

Hensarling has said he plans to introduce an updated version of the bill this session. The measure is expected to include mechanisms for reducing obstacles to capital formation—a topic with bipartisan support. The committee, however, doesn’t have any hearings scheduled for the week.

Trump has yet to announce his picks to head the Securities and Exchange Commission and the Commodity Futures Trading Commission, neither of which is meeting this week.

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