(Michael Nagle/Bloomberg)Rep. Jeb Hensarling on Wednesday launched what is expected to be a protracted fight over easing banking regulations by pointing to who hasn't been supporting his effort: big Wall Street banks. His legislation, the Financial Choice Act, would ensure that banks could no longer rely on taxpayers for bailouts, he said. “Perhaps that’s why press reports indicate that most Wall Street banks oppose the Financial Choice Act,” Hensarling (R-Tex.) That would be costly for many big banks, which are not likely to choosethat option, industry experts say. The 2010 banking overhaul law, known as Dodd-Frank, helped big Wall Street banks while imposing regulations on small community banks that did not cause the financial crisis, Hensarling argued.

Source: Washington Post April 26, 2017 18:47 UTC