Because the Dodd-Frank Act is harming the economy and consumers, the House Financial Services Committee plans to offer a pro-growth, pro-consumer replacement, previewed by Chairman Jeb Hensarling at a recent National Center for Policy Analysis briefing in Washington, DC.
“Dodd-Frank stands as a monument to the arrogance and hubris of man in that its answer to incomprehensible complexity and government control is even more incomprehensible complexity and government control,” says Hensarling. “Dodd-Frank codified too big to fail and taxpayer-funded bailouts into law,” made us less prosperous, and harmed our freedom – and needs to be replaced, he adds.
Hensarling says the Republican plan will be based on the following principles:
- Restoring economic growth through competitive, transparent and innovative capital markets;
- Giving every American the opportunity to achieve financial independence;
- Protecting consumers from force, fraud and deception, but also from the loss of economic liberty;
- Ending taxpayer bailouts of financial institutions and the idea that any company is “too big to fail”;
- Reducing systemic risk through market discipline;
- Replacing complexity with simplicity, because complexity can be gamed by the well-connected and abused by Washington bureaucrats;
- Holding both Wall Street and Washington accountable.
“In the weeks to come, we on the committee look forward to unveiling this legislation, receiving your feedback, and ultimately earning your support,” says Hensarling. “Because this is a fight for America’s future, and I’m more confident than ever it is a fight we can win.”
Principles of Financial Opportunity Reforms: http://www.ncpa.org/pub/principles-of-financial-opportunity-reforms