
While some of President Donald Trump's initiatives may wind up being pushed into next year, Rep. Jeb Hensarling told CNBC on Tuesday he believes reforming the Dodd-Frank banking regulations "is still a this-year priority."
"The president, the vice president and the speaker all know that you can't get a healthy economy as long as you have Dodd-Frank on the books," said the Texas Republican, who chairs the Financial Services Committee.
"I'm under the impression it remains a this-year priority but it's a dynamic environment, it's not a static environment," he said in an interview with "Closing Bell."
Last week, Trump signed an executive order directing the Treasury Department to review the financial system regulations, including Dodd-Frank. Trump has been a strong critic of the banking industry rules, which were passed after the 2008 financial crisis.
Trump's order directs the Treasury Department to submit a report within 120 days on possible regulatory changes or legislative recommendations.
Hensarling has already offered an alternative to Dodd-Frank with his Financial Choice Act, introduced last year.
He argues that Dodd-Frank is a "disaster" that is hurting the economy.
"Too many small businesses, too many entrepreneurs can't find lending because of the sheer weight, volume and control of Dodd-Frank," he said.
"Dodd-Frank clogs the arteries of capitalism in our system. It hurts working people. It hurts consumers. It needs to go."
He also called the Consumer Financial Protection Bureau a "rogue agency" that is unconstitutional and also "must go."
— CNBC's Jacob Pramuk contributed to this report.