(Bloomberg) — When Jeb Hensarling took over the congressional panel that spawned the Dodd-Frank Act, he vowed to roll back the landmark Wall Street law and eliminate government programs that backstop private markets.
More than a year later, the Texas Republican is boxed in. His initiatives to undo banking rules haven't won Democratic support. At the same time, his own party's leaders, backed by industry groups that disagree with Hensarling's purist free- market philosophy, have stymied his plans to abolish Fannie Mae and limit federal flood insurance.
Now, Hensarling must choose again. His chances of making an impact as chairman of the House Financial Services Committee may turn on whether he loosens his opposition to two programs pushed by business lobbies and top House Republicans: government-backed terrorism insurance and loans for buyers of U.S. exports.
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