The Trump administration endorsed several provisions of House Financial Services Chairman Jeb Hensarling’s (R-Texas) Financial Choice Act on Tuesday, but made it clear that it considers the legislation as only the first step toward overhauling Dodd-Frank.
“The administration supports passage of the [the bill] as a necessary and important step in moving financial reform legislation through the Congress,” the Office of Management and Budget said, in a statement of administration policy.”
OMB continued, “Upon passage, the administration looks forward to working with the Senate on arriving at a final piece of legislation.”
The Treasury Department is expected shortly to issue its first set of recommendations on how to better regulate the financial system. Those recommendations, which were ordered by President Trump, will focus on community financial institutions.
Hensarling’s legislation, H.R. 10, is expected to go to the House floor on Thursday. The House Rules Committee, which sets the paratremeters for floor debate in the House, approved the rule governing the bill on Tuesday.