Today, on the one year anniversary of Dodd-Frank, Freshman Rep. Sean Duffy (R-WI) makes the case to fix Democrats' job-crushing law in a Washington Times op-ed:
“It was one year ago today that President Obama signed the so-called ‘Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.’ Like other signature pieces of legislation of this administration, the name can be misleading. Like the so-called ‘stimulus’ that stimulated nothing but more government debt, this bill fails to actually reform Wall Street or protect consumers, which is a remarkable accomplishment, considering it was more than 2,300 pages long and contained more than 400 regulations and mandates.
“For small community banks and credit unions, like those in Central and Northern Wisconsin, the hundreds of new rules will require an estimated 2,260,631 labor hours just for compliance. Those are hours that your local bank or credit union will spend dealing with some Washington bureaucrat instead of focusing on the needs of customers like you….
“Part of getting our economy growing again and getting our people back to work means unraveling the burdensome mandates and regulations that are not just causing uncertainty in the marketplace, but killing jobs in America. One year after Dodd-Frank, let's recommit ourselves to smart regulation that will help establish a job-friendly environment, protect consumers and turn this economy around.”
As the RNC noted in a research document out this morning, Dodd-Frank did not end “too big to fail” or reform the government mortgage companies that caused the mess in the first place. Dodd-Frank may be good for Washington bureaucrats, but it’s bad news for job-creators across America.
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