Five years ago today, the Dodd-Frank Act was signed into law amidst promises that the legislation would protect American consumers, make our economy more competitive, and end ‘too big to fail.’ Instead, Dodd-Frank has stifled economic growth, made it more difficult for Main Street businesses to obtain credit, and increased the likelihood that taxpayers will be on the hook for additional Wall Street bailouts. Most importantly, this law has and has made it harder for Americans to find a job, buy a home, and save money for their family’s future. Rep Scott Garrett
https://www.youtube.com/watch?v=_9vApbUrnDM
By Kevin Cirilli – 07/20/15 07:22 PM EDT
House Financial Services Committee chairman Jeb Hensarling (R-Texas) will say in a policy speech on Tuesday that the 2010 Dodd-Frank Wall Street Reform law has made the country “less financially stable.”
Hensarling’s attack on the fifth anniversary of Dodd-Frank, will come during a speech at the American Enterprise Institute in Washington.
“The Dodd-Frank architecture, first of all, has made us less financially stable,” Hensarling will say, according to excerpts obtained by The Hill. “Since the passage of Dodd-Frank, the big banks are bigger and the small banks are fewer… Dodd-Frank concentrates greater assets in fewer institutions. This is bad policy and bad economics.”
He will argue that Dodd-Frank’s regulations — despite being written largely for financial institutions — have impacted “grocery markets, cable TV servers and bowling alley chains” that “must comply with regulations imposing wage controls, salary ratios and private compensation disclosures made for Wall Street investment firms.”
Hensarling made similar arguments on Saturday, when he delivered the Republicans’ weekly address, as well as in an op-ed for The Wall Street Journal published earlier Monday.
Liberals like Sen. Elizabeth Warren (D-Mass.) and Democratic presidential candidate Sen. Bernie Sanders (I-Vt.) have argued that Dodd-Frank didn’t go far enough in regulating the markets.
They have criticized the financial industry for lobbying heavily against Dodd-Frank to weaken its regulations.
https://thehill.com/policy/finance/248582-hensarling-dodd-frank-made-country-less-financially-stable
