House Republicans will advance legislation reforming the financial system and providing an alternative to President Obama's 2010 overhaul to give voters a choice of policies in the 2016 election, the GOP chairman of the House Financial Services Committee said Thursday.

"To answer Speaker Ryan's call, you will see a see a visionary piece of legislation laying out the Republican vision for banking and capital markets," Jeb Hensarling of Texas told a group of reporters Thursday.

"And as part of that it will necessarily include repealing huge swaths of Dodd-Frank," he added, referring to the 2010 law signed by President Obama that reshaped the regulatory architecture of the U.S.

Earlier in the day, House Speaker Paul Ryan said "we need to offer the country a real alternative in the form of a bold, pro-growth agenda," and called on members of his caucus to offer ideas to advance next year. Ryan has said the caucus will pass legislation reforming taxes and addressing other big-ticket items, separate from what presidential candidates might do.

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