Reintroduction of Financial Choice Act Coming in ‘Weeks’: Hensarling

The act will also "make sure every regulation has to pass a rigorous cost-benefit analysis," Hensarling said, adding that the legislation will "make sure that regulators have to ensure what they're doing actually helps the economy."

Sen. Ted Cruz, R-Texas, who also spoke at the event, noted that regulatory reform is the "second major priority" for Congress as well as the Trump administration. When talking with Cabinet members, "the first word out of members' mouths is regulatory reform," Cruz said. "The commitment is real, genuine and passionate," adding that his "office is working with the administration on this."

The first priority for Congress and the administration, he said, is repealing and replacing the Affordable Care Act.

While there's "active debate between the House, Senate and administration," Cruz said, "The house bill needs more work, [it] doesn't get the job done. I'm working to improve that bill." He stressed that health care reform "must drive down costs."

The third priority, tax reform, will move ahead "this summer [or] fall," Cruz said. "I think we will see fundamental tax reform."

The fourth priority for 2017, he said, is "confirming a strong, conservative justice" to the Supreme Court.