The Deficit Reduction Super Committee, which has been tasked to trim the federal budget by more than a trillion dollars, is being urged to consider modifications to Dodd-Frank that would reduce regulatory burdens.
Republican members from the House Financial Services Committee sent the super committee a letter describing the burdens that Dodd-Frank imposes on taxpayers and the economy by adding to an “already bloated federal bureaucracy,” they said. The law, according to the Republicans, is making it harder for consumers and small businesses to receive credit.
The letter agreed that a priority should be placed on job creation and economic growth.
“For that reason, the Joint Select Committee should consider carefully proposals to facilitate capital formation and reduce excessive regulatory burdens, which will help smaller and medium-sized businesses make the investments necessary to create jobs and grow the economy,” the letter says, according to ABA.com.
The letter also recommends that the super committee consider several changes for federal programs that it believes will help the super committee meet its goal of trimming the federal deficit.
The changes include increasing the guarantee fees charged by government sponsored enterprises such as Fannie Mae and Freddie Mac, reforming the national flood insurance program and eliminating the Rural Housing and Economic Development Program.