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Democrats, including President Joe Biden and Sen. Elizabeth Warren (D-Mass.), are blaming Donald Trump for the sudden collapse of two banks, Silicon Valley Bank and Signature Bank. But Barney Frank, a leading sponsor of the Dodd-Frank Act, sharply disagrees. The law, signed by then-President Barack Obama in 2010, made significant changes to Wall Street regulations and federal financial regulatory agencies in the aftermath of the financial meltdown in 2008. The bill, though controversial, was theoretically designed to protect Americans. Democrats say Trump is responsible because he signed a law rolling back some of the regulations enacted by the Dodd-Frank Act....

2010 was a bad year for the Constitution. Not only did Congress saddle us with the misnamed Affordable Care Act, which has caused a legal war over its highly questionable constitutionality, but it also passed the Dodd-Frank Act, which created the Consumer Financial Protection Bureau (CFPB). The CFPB was the brainchild of Senator Elizabeth Warren (D-Mass) and her idea was to make it an independent agency – amazingly, unconstitutionally independent agency. Consider, for example, the way CFPB is funded. Unlike every other federal regulatory agency, which gets its budget through congressional appropriation, CFPB gets its money directly from the Federal...

The Consumer Financial Protection Bureau remains "the most out-of-control, unaccountable, and nontransparent agency in the federal government... And we can say that without reservation because this is one of the only agencies that literally operates outside of congressional oversight," added Wise, whose Virgina-based organization "works to protect consumers' right to access free-market goods and services." The CFPB, created under the 2010 Dodd-Frank Act, is funded largely by fees banks pay to the Federal Reserve. While its director, Richard Cordray, has bragged that his bureau has levied more than $141 million in fines used for CFPB education programs or reparation to...

Oversight: Congress and some others in the media finally see the urgency in reining in Obama's rogue, out-of-control, unaccountable and secretive Consumer Financial Protection Bureau. This is something we have urged since its inception. In 2010, the Dodd-Frank Act gave birth to what we have argued is the single most powerful and least accountable agency in Washington. CFPB has the power to police virtually every financial transaction in the economy. Yet it holds its meetings in secret, has no inspector general and is funded outside the normal congressional budget process. On Wednesday, the House Financial Services Committee will take up...

The Consumer Financial Protection Bureau has been vacuuming up data on Americans' financial transactions in direct violation of both the Constitution and the law that created the bureau. Consumer Financial Protection Bureau: NSA of the Financial World The New American 30 June 2013 While the National Security Agency's (NSA) unconstitutional spying on Americans' communications has been getting most of the press lately, another federal agency has been quietly -- and illegally -- vacuuming up Americans' financial data: the Consumer Financial Protection Bureau (CFPB). Created by the 2010 Dodd-Frank Act, the CFPB has been operating for just under two years...

CHICAGO – Three years have now passed since the collapse of Lehman Brothers, which triggered the start of the most acute phase of the 2007-2008 financial crisis. Is the financial world a safer place today? Within days after the 9/11 terrorist attacks in 2001, the US had erected new and enormous security measures at airports throughout the country. Within a month, the US military was on the ground in Afghanistan. Within three years the US had an official report on the causes of the events of 9/11; the well-resourced expert commission that produced it identified the weaknesses of America’s national-security...

“Call it Dodd-Frank Inc. A year after Congress passed the broadest financial overhaul since the Great Depression, the law has spawned a host of new businesses to help Wall Street comply — and capitalize — on the hundreds of new regulations. Besides the lawyers, there are legions of corporate accountants, financial consultants, risk management advisers, turnaround artists and technology vendors all vying for their cut.” “It is a full-employment act,” said Gregory J. Lyons, a partner at Debevoise, where a team of a half-dozen lawyers has drafted 30-plus comment letters in the last six months. “The law is passed, but...

The Dodd-Frank Act goes on for 2,319 pages. Like Nancy Pelosi's "pass it to find out what's in the O'care Bill" statement, Senator Dodd said, "No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done." The Wall Street Journal reported on July 14, 2010, just one week before Obama signed Dodd-Frank into law that it will "unleash the biggest wave of new federal financial rule-making...

GOP’s Bachmann seeks to repeal Dodd-Frank…completely. While some Republicans are seeking to repeal controversial aspects of a recently approved financial crisis-response Dodd-Frank Act, Rep. Michele Bachmann announced her efforts on Thursday to axe the law completely. “I’m pleased to offer a full repeal of the job-killing Dodd-Frank financial regulatory bill,” the Minnesota Republican said after introducing a bill that would do just that. “Dodd-Frank grossly expanded the federal government beyond its jurisdictional boundaries. It gave Washington bureaucrats the power to interpret and enforce the legislation with little oversight.”