In a speech at the American Bankers Association Summit Tuesday, House FinancialServices Committee Chairman Rep. Jeb Hensarling (R-Texas) calledfor an end to the Dodd-Frank Act, but provided few details on howto make it happen.

Constantly referring to the Dodd-Frank Act as the ObamaFinancial Control Law, Hensarling said, “I will not rest untilDodd-Frank is ripped out by its roots and tossed on the trash-heapof history.”

He added that the law is a monument to the arrogance and hubrisof man in that its answer to incomprehensible complexity andgovernment control is yet more incomprehensible complexity and moregovernment control.

The chairman also called the CFPB the very definition of tyranny, adding, “It is a casestudy in the overreach and pathologies of the unaccountableadministrative state run amok. At almost every opportunity,the bureau abuses and exceeds its statutory authority, which isalready immense. The bureau operates with such secrecy,unaccountability and bureaucratic tyranny it would make a SovietCommissar blush.”

After the completion of the CFPB's qualified mortgage rule, one third of black and Hispanicborrowers will be denied homeownership, Hensarling said, citing aFederal Reserve report.

“Regrettably, it looks like the consumer protection agency isgoing to 'protect' millions of Americans right out of owning ahome,” he added.

While the Texan did not offer much in the way of details of howto unwind the CFPB, he listed ways to make the Fed moreaccountable, including passing the Federal Oversight Reform andModernization Act from the House.

He blamed the Fed for keeping interest rates low for an extendedperiod of time, helping to create the housing bubble.

Additionally, he said of the central bank, “Separate and apartfrom monetary policy, the Fed – thanks to the Obama FinancialControl Law – can now functionally control every major corner ofthe financial services sector of the economy. And it can do so aspart of a shadow regulatory system that is neither transparent noraccountable to the American people.”

He added that this not only harms economic growth but is anaffront to the due process, checks and balances, and the rule oflaw.

Hensarling concluded there are two different futures and twodifferent visions of the economy.

“We reject trickle down government and instead celebrate therisk-taking entrepreneurial spirit that has made America theshining light, the envy of the world and the last best hope ofmankind on this earth,” he said.