Press Releases

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a full Committee hearing to examine Dodd-Frank 15 years after it was signed into law.

Watch Chairman Hill’s opening remarks here.

Read Chairman Hill’s opening remarks as prepared for delivery:

"Good morning. Today’s hearing is focused on reviewing Dodd-Frank’s real-world impact and unintended consequences over the past 15 years.

"Our colleagues across the aisle often criticize today’s banking system, but rarely do they acknowledge that it is a direct result of the policies they enacted after the 2008 financial crisis along party-lines.

"Dodd-Frank was sold to the American people as a sweeping fix to prevent another crisis, yet over time it has become clear that this approach has not delivered as promised for Main Street.

"Instead, history shows that it punished community financial institutions through its one-size-fits-all mandates, shifted activity outside the banking system, created new and unaccountable agencies like the CFPB, and prioritized duplicative compliance and regulation by enforcement over actual consumer protection.

"These smaller institutions did not cause the crisis, but they have been forced to navigate new compliance burdens and divert resources away from serving their communities and toward satisfying Washington bureaucrats.

"The law created new agencies, like the CFPB, which has operated with unprecedented autonomy and minimal accountability to Congress or the American people.

"For 15 years, we’ve lived under the shadow of Dodd-Frank.

"This law didn’t just reshape banking, it rewrote the rules for our capital markets.

"It handed the SEC sweeping new powers that have led to regulatory overreach, costly disclosure mandates, and mission creep into areas like corporate governance and executive compensation, areas historically governed by state law and protected by the business judgment rule.

"For 15 years, these policies have burdened U.S. public companies while giving foreign competitors a leg up. Even worse, foreign private issuers were exempted from many of the most burdensome Dodd-Frank disclosure requirements.

"We all know that healthy competition and innovation drive economic growth, creating more opportunities and better financial services for all Americans.

"Instead of burdening institutions with excessive red tape, we should be empowering them to better serve families, small businesses, and local communities.

"That includes small and midsize companies trying to raise capital or grow through the public markets.

"Unfortunately, the complexity and costs imposed by Dodd-Frank have helped fuel the long-term decline in U.S. IPOs and discouraged companies from going public altogether.

"As we examine the last 15 years, I hope we can do so with clear eyes.

"It’s also time to take a hard look at the rules that never made sense in the first place, rules that sit on the shelf and create needless uncertainty for market participants, just waiting for an unelected bureaucrat to dust them off and use them.

"That’s not how our system should work.

"We must work together to craft thoughtful, bipartisan reforms that restore balance, foster growth, and protect consumers.

"I look forward to a robust and productive discussion today, and I am hopeful that we can chart a better path forward for all Americans."