The Final Anniversary of the Failed Dodd-Frank – Congressman Roger Williams

Seven years after its launch in 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act has done nothing for American taxpayers besides provide 2,300 pages of impulsive and deceiving legislation. This disaster of a law has unfairly blanketed our entire financial system with more than 400 overreaching and costly mandates.

Dodd-Frank was another ploy thought up by the Democrat-controlled Congress that was signed into law by President Obama in 2010. This failure, at best, was a Band-Aid disguised as the most significant piece of financial legislation of its time following the Great Recession. While there are many who argue that the financial collapse in 2008 was caused by lack of regulation, overregulation has made it almost impossible for small businesses to thrive.

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Dodd-Frank Has Held Down The US Economy For Too Long

Carefree, Arizona—population 3,363—is 2,400 miles from Wall Street. But that’s still not far enough away to escape the harm caused by Democrats’ supposed “Wall Street reform” known as the Dodd-Frank Act, which was signed into law seven years ago this month.

According to a local news report, a proposed housing project in Carefree was terminated because “the Dodd-Frank Act and its overreaching federal regulations” prevented the developer from obtaining financing.

In truth, citizens of every American community are losing economic opportunities due to Dodd-Frank. According to the Mercatus Center, Dodd-Frank places greater burdens on our business enterprises than all other Obama-era regulations combined.

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‘Drain The Swamp’ Delays Are Costing America Billions

Every day of inaction costs Americans billions in lost productivity

“Drain the swamp!” It was the battle cry of Donald Trump’s presidential campaign.

Many Republican members of Congress echoed that call as well, riding it to victory — and control of both legislative chambers.

The American people rallied around the cry because it reinforced their impression of what Washington had become: a swamp infested with special-interest groups and power-hungry bureaucrats.

They rallied, too, because it held the promise of getting our country back on track — by reforming the tax code, repealing Obamacare, cutting spending, and eliminating the needless red tape that stifles entrepreneurship and innovation.

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The Real Threat To Wall Street Reform Is The Treasury Department, Not Congress

THE TREASURY DEPARTMENT’S first report recommending changes to the financial regulatory system wildly differs from the plan to dismantle Dodd-Frank that House Republicans passed — and the Trump administration endorsed — just last week. In fact, the report attacks the central mechanism in the House GOP’s bill, even while paying lip service to considering it.

That doesn’t make it benign, however. The Treasury report, compiled with the assistance of 244 different banking industry groups, often cites or lifts directly from bank lobbyist briefing papers. It identifies numerous ways that regulators could go around Congress and significantly undermine the already weakened rules in Dodd-Frank. It’s a wish list for deregulation — but one that could actually get done.

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Draining The Dodd-Frank Swamp

The House just passed the Financial CHOICE Act, which enacts major reforms to the Dodd-Frank Act, signed into law by President Obama in 2010.

The 2,300-page Dodd-Frank Act was passed to fix what supposedly was broken in our financial system that led to the massive financial collapse in 2007.

The potential economic impact of the sweeping reforms of the Financial CHOICE Act are as far reaching as anything going on in Washington today. But you probably haven’t heard about it.

The press is filled with news about Russia, James Comey, Jeff Sessions. Yet hardly anything about this. Why?

One hint could be an editorial that appeared in The Wall Street Journal last December under the headline, “Guess Who’s Defending Dodd-Frank?”

The answer is the nation’s biggest banks.

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Congress Should “Interchange” Its Sentiment On Repealing The Durbin Amendment

Last week the House of Representatives passed the Financial CHOICE Act, in an effort to overhaul the massive Dodd-Frank financial reform law passed in 2010. The stated aim of this bill is to scale back regulations that have hampered economic growth and consumer freedom over the past seven years. Unfortunately, House members passed on the opportunity to repeal an especially pernicious element of Dodd-Frank known as the “Durbin amendment,” a rule placing caps on the debit card fees banks can charge retailers known as “interchange fees.” Original versions of the bill would have repealed the measure, but on May 24 the bill’s architects dropped that language from consideration. That development was a win for large retailers who have benefited from the rule, and a loss for consumers.

When the Durbin amendment was under consideration in 2010, its supporters touted the promise of consumer cost-savings as its prize, whereas its opponents cautioned that arbitrary price controls would disrupt a well-functioning debit card market. Repeated lessons from history demonstrate that price-control measures fail to accomplish their objectives, eventually hurting consumers through unintended consequences, and the Durbin amendment is no exception. Failing to repeal this harmful provision is bad news for consumers, because the Durbin Amendment has cost Americans billions of dollars.

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House Passes Bill That Would Roll Back Most of Dodd-Frank

Stop. Regulating.

They did it! The House passed the Financial CHOICE Act, which would roll back regulations established in Dodd-Frank, one of former President Barack Obama’s biggest pieces of legislation.

From The Hill:

Sponsored by House Financial Services Committee Chairman Jeb Hensarling (R-Texas), the CHOICE Act is the most ambitious Republican effort to roll back the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010. Republicans have long targeted Dodd-Frank, saying it has created a crushing regulatory burden that suffocates small businesses and banks while empowering unaccountable bureaucrats.

“Dodd-Frank represents the greatest imposition on our business enterprises than all Obama era regulations combined,” Hensarling said Thursday morning in a briefing with reporters. “In many respects, it was not a response to the financial crisis, but a grab bag of leftist ideas that were waiting on the shelf for quite some time.”

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