Republican leader proposes weakening Dodd-Frank, spotlights U.S. political divide

(Reuters) - The chair of the House Financial Services Committee is proposing to wipe out much of the U.S. regulation put in place after the financial crisis with a plan expected to ignite debate in the presidential election but flame out in Washington. Republican Representative Jeb Hensarling will present the plan in a sweeping speech at the Economic Club of New York on Tuesday, as six states hold presidential primaries. According to his prepared remarks, Hensarling's plan would primarily weaken