Trump Praises Rep. Hensarling for Dodd-Frank Repeal

While no Republican will argue with reasonable regulation on the financial sector, for the sake of accountability, Dodd-Frank did next-to-nothing to regulate the industry, and instead trampled on small banks and taxpayers.

"Every promise of Dodd-Frank has been broken", House Financial Services Committee Chairman Jeb Hensarling, (R-Texas), the architect of the bill, Thursday to explain the need to dismantle protections meant to help people ravaged by Wall Street's implosion.

The regulations of Dodd-Frank were enacted in 2010 by former President Barack Obama as a sweeping effort to put in place certain regulations that make another financial crisis less likely. Senators have said they'll spend the next few months trying to find common ground on legislation to boost the economy.

Democratic lawmakers, including congresswoman Maxine Waters of California, says House Republicans are setting the stage for another financial crisis.

The GOP-controlled House was on track to vote for legislation that would wipe away much of the financial law created to head off economic meltdowns like the one that caused millions of Americans to lose their jobs and homes during the 2008-09 collapse.

Republicans argued Dodd-Frank's regulations slowed lending and made it more hard for small businesses to receive loans.

The goal of the Dodd-Frank Act was to regulate Wall Street and hold big banks accountable. We will end bank bailouts once and for all.




"It's shameful that Republicans have voted to do the bidding of Wall Street at the expense of Main Street and our economy".

There were plenty of attacks on the bill before during, and after the vote. The bill also redefines the agency's vaguely defined ability to determine which financial products and services Americans can purchase and requires the CFPB to obtain permission before collecting consumers' personally identifiable information. Dodd-Frank instituted major regulations on banks and expanded the influence of the federal government in the economy.

"We see free checking cut in half at bank".

The legislation also repeals Dodd-Frank's Durbin amendment, which places limits on debit card processing fees, and the Volcker Rule, which bans banks from speculatively investing borrowed money in ways proven not to benefit customers, among other cuts to provisions specifically created to protect the average Jill. "For many credit-worthy borrowers, they are paying $500 more for an auto loan".

"Dodd-Frank regulations disproportionately burden small companies and prevent them from competing", he said. Have you tried getting a mortgage recently?

Further, the legislation would change the Consumer Financial Protection Bureau (CFPB) to the Consumer Law Enforcement Agency. Stronger capital requirements have improved banks' capacity to absorb economic shocks. Since the passage of Dodd-Frank, the United States has experienced the slowest economic recovery in its history.

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