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GAO Report Confirms Concerns that Dodd-Frank Puts U.S. Firms at Disadvantage Globally

Washington, Jul 13 -

WASHINGTON -Financial Services Committee Chairman Spencer Bachus said a report released today by the Government Accountability Office (GAO) backs up concerns that provisions of the Dodd-Frank Act put U.S. firms at a competitive disadvantage in the global economy.

“The GAO report confirms that neither European nor Asian regulators or legislators will establish similar proprietary trading restrictions that the Dodd-Frank Act imposed on U.S. financial institutions.  This will unquestionably harm the ability of American companies to compete and create jobs.  Once again, the rhetoric of Dodd-Frank supporters that the world would follow the U.S. lead on financial regulatory reform is shown to be a myth.”

Click here to view the GAO report.