If Democrats hated House Republicans' original stab at reform of the Dodd-Frank Act, a revised version floated Thursday was radioactive from their perspective, with provisions that would make the Consumer Financial Protection Bureau a hollowed-out shell of itself while dialing back the intensity of stress tests.

It immediately raised questions about the political strategy of House Financial Services Committee Chairman Jeb Hensarling, R-Texas, who knows that any rollback's best chance lies with its ability to attract at least a few Democratic supporters. While Hensarling's bill could likely clear the House, Democrats have more than enough seats to filibuster legislation they oppose.

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