Linda McMahon, a Republican Senate hopeful from Connecticut, recently spoke out against the 2010 Dodd-Frank Act, advocating a “freeze” on the law’s implementation.
“I would definitely freeze it at the least right now,” McMahon said, according to ThinkProgress.org.
McMahon also said that the law needs to be assessed in terms of the nation’s need to create more jobs and promote lending.
“While certain parts of the law are praiseworthy, too much is left unidentified,” McMahon’s jobs plan reads, CTPost.com reports. “We must amend the regulations to make sure business growth is not obstructed and lending to Connecticut’s small businesses is trouble-free.”
McMahon joins Republican presidential hopeful Mitt Romney in speaking out against the legislation. Romney has vowed to repeal the legislation if elected as president.
Ed Deak, a professor emeritus of economics at Fairfield University, said, however, that while Dodd-Frank is not above reproach, Wall Street has made a substantial effort to fight the legislation, contributing more money to Romney and his vow to repeal the law.
“[The big banks] did just about everything that they could to either soften [Dodd-Frank], limit its applicability, try and get it defeated,” Deak said, according to CTPost.com. “It’s not popular among the [JPMorgan Chase CEO] Jamie Dimon set.”
Opponents of the legislation maintain that the law unnecessarily burdens financial institutions and would further hinder a struggling economy.