Rep. McHenry: Time to Move Past Dodd-Frank

A top Congressional Republican said it’s time for Republicans to end their efforts to completely dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed by Congress and signed into law in 2010.

U.S. Rep. Patrick McHenry (R-Fla.), who could be in line to chair the House Financial Services Committee if Republicans retain control of the House of Representatives in November, said in an interview that “We need to get out of this Dodd-Frank morass we’ve been in.”

“The next crisis will look different from the previous crisis, so we need to be forward-looking when it comes to legislating,” he said.

Earlier this year, Republicans in Congress passed a bill, now signed into law, that revamped parts of Dodd-Frank pertaining to the regulation of smaller banks. Instead of continuing to attack the core pillars of Dodd-Frank, including the Consumer Financial Protection Bureau that it created, he is advocating for Republicans to focus instead on legislation that will help prevent future economic crises and address the various ways that technology is rapidly reshaping banking.

McHenry is currently the vice-chair of the House Financial Services Committee. Current Chairman Jeb Hensarling has announced that he will be retiring at the end of his current term. That means that the top position – either as Chairman or Ranking Member, if Democrats take control of the House, will be open. However, McHenry hasn’t decided whether he will pursue it or seek a position in Republican leadership.