Crushing Main Street – The Dodd-Frank Act Anniversary

Chairman Bachus Comments on Dodd-Frank Act Anniversary

Washington, Jul 20 – Financial Services Committee Chairman Spencer Bachus released the following statement on Friday to mark the second anniversary of the Dodd-Frank Act becoming law:

“When President Obama signed Dodd-Frank into law two years ago, he promised it would provide ‘certainty to everyone from bankers to farmers to business owners to consumers.’ 

Today we look at the sad shape of our economy and realize Dodd-Frank has had precisely the opposite effect. 

Supporters of Dodd-Frank sold it as ‘Wall Street reform,’ but as our committee has learned from listening to hundreds of witnesses, it is Main Street that is getting crushed under the law’s 400 new rules and mandates. 

The layers of red tape Dodd-Frank piles on our economy cause more uncertainty for American businesses and hinder their ability to grow and create jobs.

“With tens of millions of Americans still unemployed, there is no more important task we have than to promote an environment that cultivates job creation, and that means thoroughly examining the job-killing provisions of Dodd-Frank.  Our committee has been hard at work conducting oversight and passing legislation to reverse unnecessary Dodd-Frank regulations in order to increase certainty, end taxpayer bailouts, and promote job creation.”

Note:  For more information on the committee’s Dodd-Frank related activities, click here.


CFPB and Frank Dodd costs consumers more to get a home loan

The new CFPB (Consumer Financial Protection Bureau) is destroying the mortgage industry because of the bad Frank / Dodd Financial Reform laws.

This continued government overstepping will again cost the consumer MORE, not less to get ahome loan.

Sign the NO petition at http://tinyurl.com/73qpyox

Comment: “I am an industry professional. The comp rule in Dodd-Frank iis forcing me to overcharge borrowers of higher loan amounts. I also can no longer offer discounts for borrowers who refinance multiple properties with me at a time. Who is helped by this?”

Comment: As a mortgage lender, I have basically stopped doing loans under $100k. The reason, I do not make enough money to justify the time. I am not alone. Fact is this is harming low-end homebuyers. It is FAR too overreaching.

Comment: Frank Dodd, despite all its good intentions, has made it more difficult to obtain a mortgage and more difficult to understand closing costs. It needs to go if we’re looking for housing recovery in earnest.

Comment: I feel strongly that our Congressional Representatives and Senators need to be made aware of the serious adverse effects of Dodd-Frank Act. Dodd-Frank not only harms the financial industry as a whole but more importantly it harms the very group it claims to help, the consumer. I agree that an independent evaluation should be conducted and due diligence should be done before any additional initiatives of the Dodd-Frank Act are implemented. If this is done objectively, our leaders will see that the only true solution is to eliminate Dodd-Frank all together.