House Financial Services Chairman Jeb Hensarling (R-Texas) unveiled a regulatory overhaul plan Tuesday that would, among other things, create an 18-month exam cycle for some credit unions, convert the CFPB's leadership into a commission and repeal the Volcker rule.

The proposal would essentially repeal the Dodd-Frank Act and replace it with a new regime that includes a plan that would require Congress to approve any significant financial regulation.

Known as the Financial CHOICE Act, the plan would also put all financial regulatory agencies on a budget.

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