House Republicans will “soon put forth” the Financial Choice Act, legislation designed to repealand replace the Dodd-Frank Wall Street Reform and ConsumerProtection Act, House Financial Services Committee ChairmanRep. Jeb Hensarling, R-Texas, said Wednesday.

Speaking at the U.S. Hispanic Chamber of Commerce's legislativesummit, Hensarling said that the Choice Act will achieve the goalof taking “Dodd-Frank and throw[ing] it on the ash heap ofhistory.”

Hensarling told reporters that reintroduction of his Choice Actwould come within weeks.

Release of a Feb. 6 memo that detailed “changes to bemade to the introduced version of the Financial Choice Act inthe 115^th Congress” got the rumor mill churningthat reintroduction of the bill to derail the Dodd-Frank Act wasimminent, but reintroduction kept getting pushed back.

In detailing some of the Choice Act's provisions, Hensarlingtold USHCC members that ensuring capital was available to allbusinesses, big and small, was a priority. Also, he said,“importantly, [the bill will] have a full capital formation title;we plan to make sure credit unions and community banks flourish” byproviding regulatory relief for them.

“We will ensure bank bailouts for none” under the act, headded.

The act will also “make sure every regulation has to pass arigorous cost-benefit analysis,” Hensarling said, adding that thelegislation will “make sure that regulators have to ensure whatthey're doing actually helps the economy.”

Sen. Ted Cruz, R-Texas, who also spoke at the event, noted theregulatory reform is the “second major priority” for Congress aswell as the Trump administration. When talking with Cabinetmembers, “the first word out of members' mouths is regulatoryreform,” Cruz said. The commitment is real, genuine andpassionate,” adding that his “office is working with administrationon this.”

The first priority for Congress and the administration, he said,is repealing and replacing the Affordable Care Act.

While there's “active debate between the House, Senate andadministration,” Cruz said, “The house bill needs more work, [it]doesn't get the job done. I'm working to improve that bill.” Hestressed that health care reform “must drive down costs.”

The third priority, tax reform, will move ahead “this summer[or] fall,” Cruz said. “I think we will see fundamental taxreform.”

The fourth priority for 2017, he said, is “confirming a strong,conservative justice” to the Supreme Court.