HFSC releases Dodd-Frank survey for American consumers

As the two year anniversary of the 2010 Dodd-Frank Act approaches, the House Financial Services Committee has launched an online survey that consists of 10 short questions designed to help American consumers understand the impact of Dodd-Frank.

“With this month marking the second anniversary of the passage of the Dodd-Frank Act, the Financial Services Committee is focusing attention throughout July on the burdens this law’s 2,300 pages and more than 400 new rules layer on American companies, financial markets and consumers,” HFSC Republicans said, according to The Hill.

The HFSC will also hold several Dodd-Frank-related hearings throughout the month of July to examine the impact of Dodd-Frank on America’s consumers, job creators and credit availability.

Dodd-Frank was designed to curb the abuses and limit the risks that contributed to the 2007-2008 financial collapse. The Consumer Financial Protection Bureau, a watchdog agency intended to protect American consumers, came about as a result of the legislation.

Even after the enactment of the legislation, however, recent evidence suggests that Americans are still wary of the U.S. financial system. A recent Gallup poll revealed that Americans’ confidence in banks is at an all-time low at 21 percent. The percentage of Americans that say they have “quite a lot” or a “great deal” of confidence in U.S. financial institutions is about half of the pre-recession level recorded in 2007.

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