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House Republicans take aim at the dire impact of Dodd-Frank

The House Financial Services Committee will spend the month of July holding hearings on the impact of Dodd-Frank financial reforms and what committee Republicans say are overly costly and burdensome regulations.

“With this month marking the second anniversary of 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,” committee Republicans said, according to The Hill.

The committee will host at least two hearings on Dodd-Frank beginning next week. The HFSC’s subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing on Tuesday regarding Dodd-Frank’s impact on job creation, American consumers and credit.

Additionally, the HFSC’s subcommittee on Financial Institutions and Consumer Credit will hold a hearing on Wednesday to discuss the impact of Dodd-Frank on the mortgage and housing markets, The Hill reports.

House Republicans have been critical of Dodd-Frank, saying that the legislation contains overlapping provisions. Critics of Dodd-Frank have pushed for increased cooperation between agencies in the implementation, oversight and enforcement of Dodd-Frank regulations and supervised entities.

“Supporters of Dodd-Frank sold it to the public as ‘tough Wall Street reform,’ but in reality its red tape hurts businesses and small-town banks far from Wall Street that had nothing to do with the 2008 financial crisis,” committee Republicans said, according to The Hill.

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