Reforming the Federal Reserve a top priority: U.S. House panel head

November 16, 2016 1:17 PM EST

Chairman of the House Financial Services Committee Jeb Hensarling (R-TX) questions SEC Chairwoman Mary Jo White during a hearing in Washington, U.S., November 15, 2016. REUTERS/Joshua Roberts

Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.

WASHINGTON (Reuters) - U.S. Representative Jeb Hensarling, chairman of the House Financial Services Committee, on Wednesday said he would push for the Federal Reserve to be more accountable to Congress.

"Reform of the Federal Reserve remains a top priority," Hensarling said in a Washington speech. "It has to give the American people a greater accounting of its actions."

Hensarling said he expected President-elect Donald Trump would support his push to modify the 2010 financial reform law known as Dodd-Frank, passed in the wake of the 2008 financial crisis.

He said the Dodd-Frank legislation put too many constraints on credit markets.

Hensarling said he expected that his reform measure could pass the House of Representatives by early next year.

But he said that his plan would face uncertainty in the Senate where Republicans have a majority but Democrats still have a say on legislation.

(Reporting By Patrick Rucker Editing by W Simon)

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories


Related Entities

Donald J. Trump

Add Your Comment