Republicans to Unveil Alternative Legislation to Repeal and Replace Dodd-Frank Act
(Worthy News) – Republicans on the House Financial Services Committee, led by Chairman Jeb Hensarling (R., Texas), are set to unveil new legislation in the coming weeks that would effectively repeal and replace the Dodd-Frank Act.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was signed into law by President Obama after the financial crisis of 2008, driven by arguments that the legislation would “promote the financial stability of the United States by improving accountability and transparency in the financial system,” and that it would put an end to “too big to fail” banks.
“When they voted for it, supporters of Dodd-Frank said it would promote financial stability, end too big to fail, and lift the economy,” said Hensarling in his remarks at the National Center for Policy Analysis event on Thursday. “None of this has come to pass. Instead, five and a half years later, it has become evident that our society has become less stable, less prosperous, and most ominously, less free.” [ … Read More (Source) ]