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Unhappy Anniversary: GOP Reining in Dodd-Frank’s Job-Crushing Red Tape
In an op-ed marking today’s anniversary of the signing of the job-crushing Dodd-Frank bill, Rep. James Lankford (R-OK) says Democrats’ 2,000+ page law and its onslaught of regulations “means fewer jobs” and “lower wages” for workers. That’s why Republicans are keeping their pledge to rein in the red tape – created by laws like Dodd-Frank – that is holding back our economy. For example:
- Today the House will vote on H.R. 1315, legislation Rep. Sean Duffy (R-WI) says would “increase consumer protection and government accountability” by eliminating the ability of Dodd-Frank’s unelected “Consumer Financial Protection Bureau” Director to unilaterally carry out regulations that hurt job growth;
- Yesterday, the House Financial Services Committee passed H.R. 1539, legislation by Rep. Steve Stivers (R-OH) that would eliminate a provision of Dodd-Frank that hurt job growth by making it more difficult for American job creators to access necessary loans;
- The House is also working on the REINS Act (H.R. 10), Pledge to America legislation by Rep. Geoff Davis (R-KY) that requires Congressional approval of government regulations with a significant economic impact ($100 million or more annually); and more.
Rep. Duffy wrote in the Washington Times that if we don’t act now, Dodd-Frank “will continue to be a drag on the private sector for decades to come.” And a recent report by the House Financial Services Committee – titled “The Consequences of the Dodd-Frank Act” – says he’s right.
The committee report says the hundreds of new regulations imposed by Dodd-Frank will hurt our economy because job creators “will need to devote so much of their time and resources to anticipating, understanding, and complying with the law’s broad new mandates.” According to the report, “If 1,000 Americans worked full time all year, every year, with no vacations or holidays, they would still be unable to complete all the work that the rules require.”
It also confirms that the law failed to address Fannie Mae and Freddie Mac – the mortgage giants at the heart of our economic crisis – and reiterates what Standard and Poor’s recently said: Dodd-Frank didn’t end the taxpayer-funded bailouts and “has not ended ‘too big to fail’.”
As Rep. Lankford wrote, this may be Dodd-Frank’s first anniversary, but “please excuse us for not throwing a party.” You can read the full Financial Services Committee report here and learn more about the Republican blueprint for jobs at Jobs.GOP.Gov.