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Wall Street reform killing the banking industry, Bachmann says

Michelle BachmannDuring last week’s Republican presidential primary debate, Rep. Michelle Bachmann (R-Minn.) touted her role as a leader for the Dodd-Frank Act repeal legislation she said she created to overturn the “job-killing” law.  

Bachman introduced the repeal legislation shortly after being sworn in for her third term in the House.

“I’m pleased to offer a full repeal of the job-killing Dodd-Frank financial regulatory bill,” Bachman said. “Dodd-Frank grossly expanded the federal government beyond its jurisdictional boundaries. It gave Washington bureaucrats the power to interpret and enforce the legislation with little oversight.”

Bank of America recently announced it was cutting 30,000 jobs in order to make up for profit reduction.

Bank of America estimates that the Durbin Amendment would cost the company $1.8 billion to $2.3 billion in annual revenues, DailyFianance.com reports.

A report released last month by Javelin Strategy & Research estimated that the Durbin Amendment could coast financial institutions as much as $6.6 billion per year.

Unsuccessful attempts to delay the Durbin Amendment's implementation include efforts by Sen. Ben Nelson (D-Neb.), who voted for the Durbin Amendment last year, as well as Sen. Jon Tester (D-Mont.).

“I think there is a little bit of buyers’ remorse as I talk to senators in the hallway,” Tester said, the New York Times reports.

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