Wonkbook: A sneak preview of the GOP plan to roll back Wall Street rules

By Renae Merle A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities, according to a five-page memo distributed by Rep. Jeb Hensarling, chairman of the powerful House Financial Services Committee. The memo obtained by The Washington …   The latest economic and domestic policy from Wonkblog   Rep. Jeb Hensarling (R-Tex.), center, speaks to members of the media alongside other lawmakers at the Economic Club of New York in June. (Michael Nagle/Bloomberg News) By Renae Merle A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities, according to a five-page memo distributed by Rep. Jeb Hensarling, chairman of the powerful House Financial Services Committee. The memo obtained by The Washington Post offers the first peek into Republican plans to ease regulations big banks have been subject to since 2010's Dodd-Frank Act. Sent to other members of the Financial Services Committee on Monday, it outlines changes to legislation Hensarling (R-Tex.) initially proposed last year, known as the Financial Choice Act. That version of the legislation was immediately denounced by advocacy groups; it is now being revised in light of President Trump's call for sweeping changes to the way the financial system is regulated. The original proposal gave large banks a way to avoid new regulations by holding significantly more capital. It also eliminated the "Volcker Rule," which prevents banks from using their own money to make risky bets. Those provisions appear to survive in the new version of the legislation, which is slated to be released later this month. 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Top policy tweets White House is rewriting Trump's travel ban order to pass legal muster, sources tell NBC News https://t.co/QiPZ7BXTxV pic.twitter.com/v1wZdwCosR ADVERTISEMENT   — Bradd Jaffy (@BraddJaffy) February 10, 2017 Hensarling template for financial reform would eliminate CFPB's public database of consumer complaints. https://t.co/JaWhmJzQK9 — Catherine Rampell (@crampell) February 10, 2017 It's hard for a president to make policy if he has virtually no appointees below the cabinet level. https://t.co/WAiMe1TF4u — Neil Irwin (@Neil_Irwin) February 10, 2017 Fed officials are increasingly voicing support for immigration as a way to boost the U.S. economy https://t.co/RyXbQOaKNs via @Shayndi — Ben Leubsdorf (@BenLeubsdorf) February 10, 2017 In today's post, I look at whether a low-tax, anti-union approach can boost a state's economy: https://t.co/ntptVDxEPy — Noah Smith (@Noahpinion) February 10, 2017 Most Recent Posts from Wonkblog An old drug gets a new price to fight a rare disease: $89,000 a year A rare disease drug that has been used for years got FDA approval -- and a new price. 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