House Financial Services Committee Chairman Jeb Hensarling said his forthcoming proposal to replace the 2010 Dodd-Frank law would double or triple certain fines for financial misconduct.
“We have both Washington accountability and Wall Street accountability,” Hensarling said in an interview on Bloomberg Television. “Many fines will be doubled and tripled under our particular legislation for self-dealing, for insider trading, for fraud. These have not been updated, frankly, since the ’80s.”
Hensarling is scheduled to roll out his proposal to repeal and replace President Obama’s signature financial reform law in a speech tomorrow at the Economic Club of New York. The speech comes on the heels of presumptive GOP presidential nominee Donald Trump’s comments in an interview with Reuters that he’d like to undertake a “dismantling” of Dodd-Frank.
In the Bloomberg interview, Hensarling said he’d like to work with Trump, if he’s elected, to accomplish that.
“My crystal ball is fuzzy on who is going to be our next president, but if it’s Donald Trump I hope to be able to work with him,” Hensarling said, adding that he and Trump agree that “Dodd-Frank has failed, it has failed miserably, and it needs to be replaced.”
