Joe Brettell, a former Capitol Hill press secretary and GOP consultant, recently criticized the 2010 Dodd-Frank Act and called on the Obama administration and congressional Democrats to reconsider the legislation.
“Playing off lingering resentment toward Wall Street in the wake of the 2008 financial meltdown, Democrats developed legislation that read like a progressive’s wish list of how to fundamentally change Wall Street,” Brettell said, according to Fox News.
Brettell maintains that despite suggestions from Republicans that would ultimately solve many of the problems leading up to the financial crisis, Democrats pressed ahead with the Dodd-Frank Act anyway.
“In their rush to capitalize on the populist sentiment they foment even today, Congressional Democrats ignored any suggestions from the minority party and passed a deeply flawed bill that is already manifesting real problem[s] for working families,” Brettell said, Fox News reports.
Brettell said that, according to the Heritage Foundation, federal regulations cost American taxpayers close to $2 trillion every year, adding that “more importantly, increased red tape kills jobs and productivity better used to put our friends and neighbors back to work.”
Brettell also cites Randy Neugebauer, who recently said that more time will be needed to comply with Dodd-Frank regulations than was needed to build the Panama Canal.
“While the Canal stood as a monument to Americans’ triumph over nature, Dodd-Frank seems to be a monument to Washington bureaucrats’ triumph over small business,” Brettell said, according to Fox News.
Brettell said that instead of regulation, Democrats should “re-evaluate Dodd-Frank.”
“They should try to work hand in hand with House Republicans and economic leaders to develop common sense reforms that provide businesses with the chance to create jobs, while providing the kind of oversight that creates opportunity, not more regulations,” Brettell said, Fox News reports.