Good morning, friends, and happy Tuesday!
In July 2010, President Obama signed the Dodd-Frank Act into law after liberals pushed the measure through the House and Senate. The 2,300-page law foisted 400 new regulations onto the American people. Proponents promised that it would “lift our economy” and “promote financial stability.”
And how much did Dodd-Frank help “lift” the American economy? This economic recovery is the weakest and slowest in our lifetimes. Wages are stagnant. The rate of business investment since the start of the most recent recession is slower than in any period of recession and recovery since 1960. The labor force participation rate remains mired near 40-year lows. Business shutdowns outpace new business startups. Most recently, only 38,000 jobs were added in May, after economist had projected gains of 160,000.
So there’s that.
In addition to the law’s impact on the economy, Dodd-Frank has left consumers in the lurch. The mortgage rules of Dodd-Frank have imposed greater burdens and higher hurdles for credit-worthy Americans who seek to buy a home. Further, many benefits that banks used to offer consumers, like free checking, have been rolled back or eliminated altogether.
This morning, House Financial Services Committee Chairman Jeb Hensarling (R-TX) unveiled the details of a Dodd-Frank replacement. The Financial CHOICE Act would:
- Increase competition, transparency, and innovation in capital markets, leading to greater economic growth;
- Provide Americans with greater opportunity to achieve financial independence; and
- Reduce the regulatory burden Washington imposes on community financial institutions so they may better meet the needs of their customers.
Learn more about the Financial CHOICE Act here.
CRN welcomed Chairman Hensarling’s and the committee’s work to replace Dodd-Frank with pro-growth policies. “The Financial CHOICE Act is a comprehensive alternative to the current regulatory regime, and if enacted, it would reduce Washington’s overreach and boost economic growth, job creation, and wages across America,” Neil Bradley, CRN’s chief strategy officer, said. “The Conservative Reform Network applauds Chairman Hensarling and the House Financial Services Committee for producing the kind of policies necessary to restore the promise of the American dream.”
As Chairman Hensarling says, “It’s economic growth for all, bank bailouts for none. That’s really what this is all about.”
Finally, it’s National Chocolate Ice Cream Day. You’re welcome. Enjoy.