Posted on 07/22/2017 5:31:29 AM PDT by Kaslin
Seven years after its launch in 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act has done nothing for American taxpayers besides provide 2,300 pages of impulsive and deceiving legislation. This disaster of a law has unfairly blanketed our entire financial system with more than 400 overreaching and costly mandates.
Dodd-Frank was another ploy thought up by the Democrat-controlled Congress that was signed into law by President Obama in 2010. This failure, at best, was a Band-Aid disguised as the most significant piece of financial legislation of its time following the Great Recession. While there are many who argue that the financial collapse in 2008 was caused by lack of regulation, overregulation has made it almost impossible for small businesses to thrive.
The economic crisis our nation faced was alarming, and a much needed wake-up call for Americans. At the time, it was understandable for hardworking taxpayers to want to completely gut the system and reconstruct it from scratch. However, that is where this reform went terribly wrong. In order to restore our country to its best state, we needed to rebuild from the bottom-up, not the top-down. Dodd-Frank’s one-size-fits-all regulations do not work and only hurt one person, the consumer.
As a small business owner for most of my life, I remember what it was like 10 years ago; before and after our nation’s economic crisis. We did not have to worry about taxpayer-funded bailouts and crippling community financial institutions. The Obama Administration promised options, however, what we got was mass consolidations and closures.
Fortunately, I am hopeful that this year, the seventh year since the inception of Dodd-Frank, will be the last year. My colleagues and I on the House Committee on Financial Services successfully passed the Financial CHOICE Act in June of this year. The CHOICE Act will strengthen our financial regulatory system, and ultimately, the American economy.
The time for Dodd-Frank has come and gone. The past seven years have taught us that overregulation can be just as harmful as a lack of regulation. It is time we prioritize our hardworking American taxpayers and provide them with options, which is the Financial CHOICE Act.
Unless I missed it, the Stalinist politburo called The Consumer Financial Protection Bureau remains outside the purview and funding by congress.
This is the model which, when the rats control government once again, will be used to implement their final solution the problem of American Constitutionalism.
Got my Real Estate license in 2001, went through the run up, the crash and the so called recovery, the democrats Dodd Frank made it so much worse, I retired end of last year.
An appraiser on a VA loan, would not sign off on a house a ptsd veteran was buying, due to a puddle in the backyard after a severe rainstorm. The water was draining slowly, the veteran threatened suicide if we did not close. Its Dodd Frank regulations that have caused the most ridiculous situations, good riddance.
I am of the opinion that every law and act of congress should have an automatic end date at which time it has to be renewed.
Chris Dodd and Barney Frank were instrumental in the financial collapse from the housing crash in the early 2000’s from laws and threats against the loaning agencies in the 90’s by congress and the media. Using anything they had their names on it was foolish or just plain stupid.
rwood
This Congressman shows he's just another prop, a dufus who has never made a damn thing in his life except for 'talk'.
Breaking down for you Mr. Congressman:
While there are many who argue that the financial collapse in 2008 was caused by lack of regulation ...
No, you couldn't be more wrong here. It wasn't the 'lack of regulation'. It was George Dumbass Bush failing to enforce the laws on the books by telling his investigators and prosecutors to look the other way.
There were, in fact, large numbers of seasoned veteran SEC law enforcement officials who were called off, retired early, reassigned, targeted if they wouldn't heed the look-away policy. These investigators had the goods on many of the criminals on Wall St. including organized crime elements.
What the public doesn't understand so much is that organized crime has migrated from bootlegging and drugs, prostitution and extortion, to white collar financial crime in financial markets and it was Bush that let them have their way because the 'economy' needed to do well.
... overregulation has made it almost impossible for small businesses to thrive
Wrong again Mr. Congressman. Small businesses always struggle, always. It was large corporations headed by CEOs that did not want to sign their name on company performance documents for fear there was no scapegoat to chard any uncovered wrongdoing.
I think this Congressman along with hundreds of others needs a permanent time-out to reflect on just what the hell they're talking about.
Dodd-Frank was odious to the extreme not because they forced large corporate CEOs to be held accountable, but because it provided for Federal Reserve liquidity facilities to perpetuate the Too-Big-To-Fail banking relationships largely influenced by white collar organized crime.
President Trump, in a little noted but highly significant action, early in his term, retracted his discretionary authority to allow the Treasury to continue providing obscene amounts of free money to big banks thereby putting them on notice that if they couldn't keep the lights on and meet payroll, they could go through Chapter 11 just like anyone else. This is what should have happened in 2009, but Obama and his cabal saw they could shake down the big banks for billions in 'penalties' in return for free money from the Fed Reserve window.
So now that President Trump has pulled the plug on criminal banks, they have nothing to keep their momentum going as they angle about looking for food (debt slaves) to swallow and ingest.
The end of big banks is healthy. They will go bankrupt, their operations will be placed into receivership, creditors will be protected, and new management will emerge that operates without never-ending free money from the Federal Reserve.
What must follow is a groundswell of support for a new and better Glass-Steagall but one written by consumer lawyers, not banker lawyers, and certainly NOT Congressmen such as this Williams guy.
What people often miss is the ridiculous leftist proposals that were inserted into Dodd frank, such as the creation of offices of women and minori5y inclusion within various financial regulatory agencies, requirements to review minority hiring practices on Wall Street and other such crap. Keep in mind that this law was put in place to prevent another mortgage market driven collapse of our markets. How do all the leftist diversity initiatives within Dodd frank achieve that? They don’t. It was all a ruse and a cover for the dems to impose their race driven identity politics agenda on the heart of capitalism - Wall Street. Why the republicans never focus on these rediculous requirements in Dodd frank is beyond me. Most people would be appalled if they knew and would easily support repeal. I bet most of you on free republic didn’t know about these Jesse Jackson like rules in Dodd frank.
Reinstate Glass-Steagall now!
After 17 years of a successful and honest business with a solid reputation in the industry Dodd Frank managed to shut my doors.
What the masses of people don’t understand is Big Business and Big Government are in collusion.
Big Businesses pump billions of dollars into politicians hands and Big Government comes up with more and more regulations.
Big Businesses have armies of lawyers to navigate the regulations.
Meanwhile the small/midsize companies get crushed under regulatory rules that leave the mega corporations less and less competition from more innovative companies.
Correction:
... automatic end date at which time it has to be JUSTIFIED to be renewed.
I understand.
Chris Dodd and Barney Frank were two of the BIGGEST CROOKS in DC!!! In a fair world, they would both be in PRISON!
Bush was afraid of being called a RACIST if he didn’t let motel maids making $9.00 an hour to buy a $400,000.00 house!!
Knowing who Dodd & Frank were was reason enough to suspect that Act was no good for the country,but that seems to happen a lot.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.