While much of the nation’s attention was focused on James Comey’s account of his interactions with President Donald Trump on Thursday, a key part of the president’s anti-regulatory agenda moved forward in Congress with far less fanfare: The House passed a bill that would dismantle the Dodd-Frank financial regulations put in place in 2010.
For instance, an analysis by Maplight.org found that commercial banks and holding companies gave the 41 sponsors of the Financial CHOICE Act an average of $55,754 during the 2016 election cycle.
The 34 Republicans on the committee who voted to send the bill to the House floor for a full vote received, on average, 80 percent more campaign cash from commercial banks and holding companies than the 26 members who voted against the bill.
The member of the committee who has taken the most money from banks, securities and investment firms and investment holding companies in recent years is Jeb Hensarling, R-TX, chair of the Committee, who introduced the Financial CHOICE Act and told the American Bankers Association in March 2016 that he would “not rest until Dodd-Frank is ripped out by its roots and tossed on the trash heap of history.” Chairman of the House Financial Services Committee Jeb Hensarling (R-TX) questions SEC Chairwoman Mary Jo White during a hearing in Washington, D.C., Nov.
Photo: Reuters Hensarling has received $1.1 million from the industry since 2010, including $301,650 in the last election cycle, but as Bloomberg reported in November, Hensarling has a “ frosty relationship ” with the “New York mega-banks” and a “strong populist streak” — he’s framed most of his opposition to Dodd-Frank as an effort to end “too big to fail” and help community banks increase their lending.