Committee to Hold Series of Hearings to Mark Dodd-Frank Anniversary
‘Less freedom, fewer and more expensive choices, and reduced upward mobility’ are legacies of Dodd-Frank, Says Chairman Hensarling
July 6, 2015 -
July marks the fifth anniversary of the Dodd-Frank Act being signed into law, and Financial Services Committee Chairman Jeb Hensarling (R-TX) today announced the committee will hold three hearings beginning this week to examine how the 2,300-page law has left Americans with less freedom, less prosperity and a less stable financial future.
“President Obama signed Dodd-Frank into law five years ago with much fanfare and celebration. We were told Dodd-Frank would ‘lift the economy,’ ‘end too big to fail’ and ‘increase financial stability.’ Instead, five years later the big banks are bigger, the small banks are fewer and the economy remains moribund. Low and moderate income Americans have lost free checking, seen small business lines of credit evaporate, and it’s now harder for them to achieve financial independence. Never before has more unchecked discretionary authority been given to unaccountable government bureaucrats. Regrettably, the result is less freedom, fewer and more expensive choices, and reduced upward mobility for low and moderate income Americans,” said Chairman Jeb Hensarling (R-TX).
“Whether we like it or not, Dodd-Frank is the single most sweeping rewrite of our financial services laws since the New Deal. We would be negligent if we did not constantly monitor its implementation and impact,” he added.
The first in the series of hearings will take place Thursday, July 9 at 10 a.m. and is entitled, “Dodd-Frank Five Years Later: Are We More Stable?”
The second hearing is planned for July 28 and will be entitled: “Dodd-Frank Five Years Later: Are We More Prosperous?”
A third hearing will be scheduled for a later date and will be entitled: “Dodd-Frank Five Years Later: Are We More Free?”
In addition to the three hearings, Chairman Hensarling will deliver an address on Dodd-Frank’s anniversary – July 21 – at the American Enterprise Institute (AEI) in Washington.
More information on the Chairman’s speech at AEI can be found here: https://www.aei.org/events/dodd-franks-unhappy-fifth-birthday-remarks-from-rep-jeb-hensarling/