GOP Lawmaker Has New Plan to Police Wall Street

Rep. Jeb Hensarling doesn’t always see eye-to-eye with presumptive GOP presidential nominee Donald Trump, but on Tuesday, the two met to discuss the Texas Congressman’s plan to overhaul Dodd-Frank.

“Dodd-Frank is impeding our economic growth. It’s keeping people in poverty. It’s keeping the middle income people trapped where they are. They can’t get ahead… It’s hurting small banks,” Rep. Hensarling told the FOX Business Network’s Stuart Varney.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted by the Obama Administration in 2010 to prevent a financial crisis, was met with strong opposition.

“We want to replace mind-numbing government control in complexity with capital. It’s a lot more capital for a whole lot less regulation and we are going to replace Dodd-Frank’s taxpayer bailout system with a new chapter in the bankruptcy code,” he said.

While Hensarling would not disclose details of his conversation with Trump, he thinks the only way to get anything done on Dodd-Frank is through Donald Trump.