the financial services committee for their hard work. i thank chairman sessions for bringing this bill to the floor. i urge you to vote yes on the resolution and vote yes on the underlying bill. i >> what was the purpose of that law? >>. frank was passed by president obama and congressional democrats as a response to the financial crisis. to give regulators more power to prevent that kind of crisis from happening again.

those were the key provisions. requirements, what kind of assets had to hold, and the creation of new powers. >> here is his headline. dodd frank replacement bill heads to the floor. what would the gop bill do? >> there are so many roles now that they are restricting and cutting into lending which

means less economic growth. burdena is to lessen the to get things moving again. how do you prevent a crisis? the republican argument is to eliminate some authorities that they thought created bad -- and to increase market discipline. the centerpiece of the plan is because it would give banks the option. if they maintain a higher capital level, they get out of meaning,latory rules, investor oversight. seem that that has had some success. republicans are proposing cutting it completely. >> they would take away a lot of its authority.

they would transition it from agency anddependent regulate new markets to one that would just enforce consumer protection laws on the books. the powers would be cut back quite a bit. democrats point to the number. it is something along the lines of $12 billion that the bureau has returned to customers. republicans think that for each of those products that have been found to be faulty, there are people who have not received a loan because they have cut off credit.

>> what to the congressional budget office find in their cost estimate on the dodd frank replacement bill? >> the bottom line was they found it would save money. the logic behind the number is pretty complicated and it suggests that this is not straightforward savings. the reason it would save them money is that it would lower the chances the government had to pay to bail out a bank. the new mechanism to allow the government to take over failing banks -- -- if the works is is bank is failing -- potentially hundreds of billions of dollars.

that payment is made during the budget window. they would be repaid later on but the years in which it was being repaid would fall outside of the years that the cbo looks at. big number of spending for that bailout. if you take that power away, that bailout is not going to happen. ?> what about the democrats they have been calling this measure the wrong choice. >> they don't like any of it aired this would get rid of the power of the csp be. thatuld eliminate the rule prevents banks from trading on speculating with money from consumer accounts. dramatically increase

the burden that any regulator would have to get over. this is not a bill that could get around a democratic filibuster or go through reconciliation. sense, how far this would go is limited.

forpolitics, this is a way conservatives to express what they think. it is a chance for them to demonstrate that they can build across the house floor. >> thank you for joining us. >> tomorrow the senate intelligence committee hears testimony from james comey at a hearing looking into russian interference in the 2016 election. watch coverage on c-span3 and c-span.org. our coverage begins at 10:00 eastern. you can listen to audio on your smartphone with the c-span radio app. >> washington journal live every

day with news and policy issues that impact you. thursday morning, we will preview the upcoming testimony to the senate intelligence committee. our guests include likely -- mike lee and brenda lawrence. atch washington journal live 7:00 eastern, thursday morning. join the discussion. weekend book tv is live from the 33rd and chicago tribune printers relit test. our coverage starts on saturday at 11:00 eastern with mary dearborn. at noon, 2016 national book award winner and his book. followed by michael eric dyson

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