House Financial Services Chairman Jeb Hensarling (R-Texas) convened a press briefing with two other lawmakers yesterday to make clear that the House won’t rubber stamp the Senate bill, Bloomberg News reported. “It is a little presumptuous or naïve that the House would not expect to enter into a negotiation with the Senate,” Hensarling said. “Some seem to be under the impression that we are going to vote on their bill.” The Senate’s legislation, crafted by Banking Committee Chairman Mike Crapo (R-Idaho), mostly provides relief for smaller banks by freeing them from a number of constraints imposed on lenders deemed to-big-to-fail. In June, the House passed much more ambitious legislation sponsored by Hensarling dubbed the Financial Choice Act.
