Romney’s economic adviser says Dodd-Frank would be dismantled

Mitt Romney

Republican presidential hopeful Mitt Romney will reveal detailed proposals soon regarding his platform on financial regulations.

Glenn Hubbard, a top economic adviser to Romney, said that the candidate would propose changes to housing finance, replace the exit-plan strategy for failing banks and dismantle or reassign the Consumer Financial Protection Bureau, The Wall Street Journal reports.

Hubbard said that Romney would ultimately pursue policies that clarify uncertainties surrounding taxation and regulation, adding that Romney advisers are focusing heavily on long-term reforms versus short-term plans to boost the economy.

Additionally, Hubbard said that Romney plans to cut government spending to 20 percent of the gross domestic product by 2016.

“Is it easy to sell?” Hubbard said, according to The Wall Street Journal. “Almost surely not. Can it be done? Absolutely yes.”

Hubbard described the present tax code as “a joke,” adding that Romney campaign officials and congressional Republicans will come together this fall and lay out a plan to redesign the U.S. tax code.

Hubbard further praised the Federal Reserve, referring to Chairman Ben Bernanke as a “hero,” but added that the Fed had become too political recently, The Wall Street Journal reports.

Hubbard declined to say what his position in a Romney administration might be, instead saying, “I just hope he wins,” according to The Wall Street Journal.

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