“There is a Washington, Wall-Street axis; some want to rely on the taxpayers in order for there to be a bailout fund,” House Financial Services Cmte Chairman Jeb Hensarling says on Bloomberg Television.

• “Market discipline is going to help the economy a whole lot more than federal micromanagement”
• “We will get the federal government out of the business of designating firms too-big-too-fail, which becomes a self-fulfilling prophecy”
  • Rules have made big banks bigger, reduced number of small banks, Hensarling says
• NOTE: Hensarling to unveil proposal to overturn Dodd-Frank tomorrow
  • Proposal would overturn Volcker Rule limits on banks trading with their own capital, change structure of CFPB, spare banks that meet certain capital levels from the strictest requirements of Dodd-Frank and would revoke regulators’ ability to determine which firms are systemically important
  • Related: Hensarling Said to Target Volcker Rule in Bid to Undo Dodd-Frank
• Calls CFPB “Orwellian-named” and “national-consumer nanny”
• Says his staff has spoken with staff of Republican presidential nominee Donald Trump
  • “I haven’t spoken to him personally, but I hope to. Listen, there’s a lot of things that Donald Trump has said and done that I don’t agree with, but something I do agree with is that Dodd-Frank has failed and it has failed miserably in that it has to be replaced and we need to promote economic growth. I know he’s interested in doing that”