House Financial Services Committee Republicans
ICYMI: Derailing the American Dream since 2010: Thanks a lot, Dodd-Frank
"Under Dodd-Frank, the big banks have gotten bigger, the small banks have gotten fewer, and the taxpayer has gotten poorer."
Instead, Dodd-Frank has done the opposite, making it harder for Americans to achieve their dreams for themselves and their families.
Supporters of Dodd-Frank said its 400-plus regulations were needed to fix the "deregulation" that caused the 2008 financial crisis. But regulations on the financial industry actually increased every year in the decade leading up to the crisis. Much of this red tape either required, incented or browbeat financial institutions into making loans to people to buy homes they could not afford to keep.
A great tragedy of the crisis was not that
Under Dodd-Frank, the big banks have gotten bigger, the small banks have gotten fewer, and the taxpayer has gotten poorer.
Dodd-Frank is every bit as far-reaching in its harmful consequences as ObamaCare. Like ObamaCare, with Dodd-Frank we see once again Democrats in
With its creation of new bureaucracies on top of an already balkanized, overly-complex regulatory structure, Dodd-Frank grants an extreme level of power to
Rather than benefiting American consumers and workers, the law has unintended consequences on every one of its 2,300 pages.
Thanks to the
Because of Dodd-Frank's crushing regulatory burden, there are fewer community financial institutions serving the needs of small businesses and families. Under Dodd-Frank, the big banks have gotten bigger, the small banks have gotten fewer, and the taxpayer has gotten poorer. Consumers have less access to credit and to financial products and services they want and need.
The new "end user" margin requirements imposed by Dodd-Frank mean
Dodd-Frank's Volcker rule makes U.S. capital markets less competitive against other international financial centers. It's more expensive for U.S. companies to raise working capital and harder for Americans saving for retirement or their children's college educations.
Dodd-Frank created the
Rather than ending bailouts, Dodd-Frank entrenches bailouts as official government policy. In the words of
Thanks to Dodd-Frank's Durbin amendment, services that bank customers once took for granted like free checking are being curbed or eliminated.
Dodd-Frank is one of the linchpins of an Obama economic strategy that has brought America the slowest, weakest non-recovery recovery since the Great Depression.
Never before in my lifetime do I remember a time when the challenges of upward mobility and economic opportunity have been greater. Not surprisingly, I also do not ever recall a time when the red tape burdens on our job creators and capital markets have been greater.
Whether it's Dodd-Frank, ObamaCare or the
The numbers tell the story: 16 million Americans unemployed or underemployed; the smallest percentage of workers in our labor force in three decades; and small business start-ups at the lowest level in 20 years.
Dodd-Frank and the rest of
The answer is less Dodd-Frank, less red tape and more free enterprise and economic freedom.
Free enterprise has lifted more people out of poverty than all the government anti-poverty programs combined. It is the only economic system that frees ordinary people to achieve extraordinary results.
In the Financial Services Committee, we've focused on passing initiatives that make it easier to create jobs so more Americans can find work. So far, more than 20 of these jobs bills that have come out of our committee have passed the House with bipartisan support.
Among them are bipartisan bills to repeal Dodd-Frank regulations that make it harder to invest in small companies; to streamline rules so it's easier for small business owners to sell their enterprises rather than close them up when they retire; and to require federal agencies to undertake a thorough cost-benefit analysis of proposed rules and choose the lowest cost alternative.
We're advancing solutions to reduce red tape, help small businesses grow and expand opportunity for everyone. Many of these bipartisan bills relieve
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