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Jeb Hensarling

Republicans cook up plan to cripple consumer agency

Republicans cook up plan to cripple consumer agency

If there’s one thing the financial services industry hates, it’s adult supervision.

Last week, Rep. Jeb Hensarling, a Texas Republican who serves as chairman of the House Financial Services Committee, unveiled a plan that he said would rectify the “grave mistake” that was the 2010 Dodd-Frank Act, which tightened the regulatory screws on financial firms and created the Consumer Financial Protection Bureau as an industry watchdog.

“Dodd-Frank’s false premise is that an alchemy of Wall Street greed, outsized private risk and massive Washington deregulation almost blew up the world economy,” he said in a speech last week to the Economic...

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