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Republican outlines sweeping reforms proposed for banks
February 9, 2017 / 6:44 PM / 7 months ago

Republican outlines sweeping reforms proposed for banks

WASHINGTON, Feb 9 (Reuters) - The Republican leader of the House Financial Services Committee on Thursday proposed paring back a consumer protection agency and easing national accounting standards in a banking reform package.

Among the measures, Representative Jeb Hensarling proposed that Wall Street banks’ “stress tests” would be performed every two years rather than annually as is done now. The director of the Consumer Financial Protection Bureau could be removed “at will” by the president under another change.

His four-page memo to staff includes dozens of other changes to Choice Act that would reform the banking industry. The plan is expected to pass the House of Representatives easily, but it faces an uncertain fate in the senate. (Reporting By Patrick Rucker; Editing by Cynthia Osterman)

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