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VIDEO: Dodd-Frank - 5 Years of Failures
Washington,
July 20, 2015 -
WASHINGTON- Five years ago this week President Obama signed the Dodd-Frank Act into law with much fanfare and celebration. He and other Democrats promised Dodd-Frank’s 2,300 pages and 400 more regulations would “lift the economy,” “end too big to fail” and “promote financial stability.” Five years later, we know Dodd-Frank has failed on all these promises.
And just like Obamacare, Dodd-Frank has left consumers with fewer choices, higher costs and less freedom.
Heeding the admonition of former Obama Chief of Staff Rahm Emanuel, Washington’s “Never Let a Crisis Go to Waste” Democrats seized on a false narrative of the financial crisis to craft “a political response” that does not address the real causes of the crisis.
Dodd-Frank did nothing to reform Fannie Mae and Freddie Mac, which were at the epicenter of the crisis. It enshrined taxpayer-funded bailouts and “too big to fail” into law. And the burden of its inefficient rules, regulations and mandates hurts jobs and economic growth.
In this video from the Financial Services Committee, we see that with Dodd-Frank the big banks have gotten bigger, the small banks are now fewer, and economic growth is weak and halting.
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