WASHINGTON Feb 9 The Republican leader of the
House Financial Services Committee on Thursday proposed paring
back a consumer protection agency and easing national accounting
standards in a banking reform package.
Among the measures, Representative Jeb Hensarling proposed
that Wall Street banks' "stress tests" would be performed every
two years rather than annually as is done now. The director of
the Consumer Financial Protection Bureau could be removed "at
will" by the president under another change.
His four-page memo to staff includes dozens of other changes
to Choice Act that would reform the banking industry. The plan
is expected to pass the House of Representatives easily, but it
faces an uncertain fate in the senate.
(Reporting By Patrick Rucker; Editing by Cynthia Osterman)