Posted on 12/07/2016 5:47:04 AM PST by IBD editorial writer
Regulations: Donald Trump will have a busy first day if he plans to undo much of the damage inflicted on the economy by President Obama. Nevertheless, here's one more item to add to his list: Overturn $1.7 billion in Dodd-Frank rules.
The Dodd-Frank financial "reform," passed by Democrats and signed into law by President Obama in 2010, is arguably the most misguided and economically harmful piece of legislation ever imposed on the country (the second, arguably, is ObamaCare).
As we've noted in this space before, one of the main reasons the economy has been stuck in neutral for the past six years has been the millstone of a 2,300-page law that has spawned multitudes more pages of costly and economically foolish regulations. The law has calcified the credit markets, forced community banks out of business, and unleashed an unaccountable, out-of-control agency that goes by the innocent-sounding name of the Consumer Financial Protection Bureau.
Even more alarming, the law hasn't even fixed the problem it sought to address — making the banking system safer — according to a paper by Obama's own former National Economic Council director, Larry Summers.
(Excerpt) Read more at investors.com ...
And send me a check or 50 grand!! :)
There needs to be 2 stacks:
1) Every single obozo XO and a paper saying “this is hereby repealed.” If there are any accidentally good ideas in there (blind squirrel ones) write them as new ones.
2) Legislation to be sent to the Senate and the House (like this one) to be fast tracked for repeal, using similar “xyz is repealed in its entirety.”
Should fill the first week.
GREAT..... that bill has destroyed so many American families and cost them their homes!
That they should have been allowed to write the Dodd-Frank legislation is criminal
Agreed. But I think some repugnantcans are gonna bust his b.lls on some things.
I can’t say much, coming from NY with our two dems senators, but what the heck were Arizonians and Wisconsin folk and wherever the heck graham comes from, thinking during the primary?
Sarbanes-Oxley repeal has to be high on the list of ‘undo’ actions.
Day 1:
Repeal ALL executive orders/actions from these past eight years. No exceptions. If some department/agency wants to keep one of those orders/actions, they can request that it be reissued, but start from ground zero to save on review time for most of the nonsense.
Revoke all immigration deferrals from the past eight years, and order that immigration laws be enforced. The priority should be criminal illegals who committed additional non-immigration crimes here, but any illegal apprehended at the border should be deported as should all new arrivals (within at least the past 2 or maybe 4 years) who do not yet have roots here.
Grant every American company and every American citizen a lifetime waiver from all Obamacare mandates and penalties. See how hard America’s enemies on the left fight to save a law that is moot.
Stop all efforts to topple Syria’s government and any other foreign governments that have been targeted by the current occupant of our White House.
Order the appropriate military units to start laying triple-strand concertina wire barriers at the busiest crossing points on our border as a preliminary to building the wall. Slow the flow, make crossing less convenient, and make it clear that we are done with rewarding criminal entry. Even if we only have 200 miles of wire, that’s a good start!
>>GREAT..... that bill has destroyed so many American families and cost them their homes!<<
Next up, the much more expensive and equally useless Sarbaines/Oxley (aka the Deloitte, KPMG and PWC full-employment act).
Order states to stop issuing US Citizen birth certificates to children of illegal aliens.
You can no longer cross the finish line and give birth, and immediately start receiving money.
And still Barney Frank and it's husband walk the streets of Ogunquit and Wells Maine and are treated like gods.
Good point. Other countries agree that their citizens are still subject to their jurisdiction while in America (just look at any foreigner charged with a crime). That means that under the 14th Amendment, they (and their babies) do not meet the criteria for citizenship.
All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States . . .
Exactly. These two statements ARE DIFFERENT:
1)All persons born in the USA are citizens.
2)All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens.
Our constitution says 2.
The founders specifically included that clause because statement #1 would be stupid.
An illegal alien is not ‘subject to the jurisdiction thereof’ because they are subject to their own country.
Going along with President Trump's (I love writing those words together) idea of repealing two regulations for every new one, Congress needs to get with the same program.
I suggest declaring that the total volume of federal law reached an optimum in the year 2000, and that before any new law can take effect two pages of old laws need to be repealed, until we get to the same page count as Dec 31, 2000. After that, it can just be a one for one page substitution.
Yes. First they open the flood gate for risky mortgages through Fannie Mae, then they overcompensate by over-regulating the entire economy. Hit the gas; slam the breaks.
It’s stupid and does nothing but add to the cost of being in business due to compliance requirements...
So many great suggestions here!
This is the first time in my life that I’ve been eager for January to arrive! (Jan 20, to be precise)
SarbOx compliance has placed a tremendous burden of time and expense upon small and midsize businesses. That needs to go or be seriously constrained.
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