Republican presidential candidate Mitt Romney, in his first debate with President Barack Obama, said that bank reforms like Dodd-Frank were stifling the economy.
Romney continued to pledge to repeal the 2010 Dodd-Frank bill, which aims at overhauling the U.S. finance system in response to the banking crisis that began in 2008, Reuters reports.
“Regulation is essential. You can’t have a free market work without regulation,” Romney said, according to Reuters. “At the same time, regulation can become excessive, it can become out of date. And what’s happened with some of the legislation that’s been passed under President Obama’s term is you’ve seen some of the regulation become excessive and it has hurt the economy.
“We are not going to get rid of all regulation. You have to have regulation and there are some parts of Dodd-Frank that make all the sense in the world. You have to have transparency, leverage limits.”
Romney also questioned the “too big to fail” designation for certain banks.
“We have to have regulation on Wall Street, but I would not designate five banks as too big to fail,” Romney said, according to Reuters. “This is the biggest kiss that’s being given to New York banks I have ever seen.”