Republicans on the House Financial Services Committee, led by Chairman Jeb Hensarling (R., Texas), are set to unveil new legislation in the coming weeks that would effectively repeal and replace the Dodd-Frank Act.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was signed into law by President Obama after the financial crisis of 2008, driven by arguments that the legislation would “promote the financial stability of the United States by improving accountability and transparency in the financial system,” and that it would put an end to “too big to fail” banks.
“When they voted for it, supporters of Dodd-Frank said it would promote financial stability, end too big to fail, and lift the economy,” said Hensarling in his remarks at the National Center for Policy Analysis event on Thursday.
“None of this has come to pass. Instead, five and a half years later, it has become evident that our society has become less stable, less prosperous, and most ominously, less free.”
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7 comments:
So, ill conceived and/or ill implemented. Whichever. Hopefully it's something that offers a lesson.
What a good idea. Make it easier to qualify for mortgages and credit cards. Worked out so well before.
I hope the Public gets to read it before it's shoved up our wazoos.
Do "we" get to read it to see what's in it BEFORE "we" pass it?
Yes, lets make sure they can rip off millions of Americans again, they are all perfectly honest should just be trusted. Where that get us in the past?
Think about WHO writes these bills. Who controls the government. It is the international bankers.
AGAIN! !! The Rinos are trying to save their jobs. They have had many opportunities to get rid of it. Vote them out!!!
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