Americans for Tax Reform (ATR) may rate a vote in their annual Congressional Scorecard in favor of Sen. Jim DeMint’s amendment (S. Amdt. 394) to the Economic Development Revitalization Act (S. 782) that would fully repeal the Dodd-Frank financial takeover act.

Dodd-Frank will do more to negatively impact the economy than to minimize any future financial crises. Instead of attacking the root of the subprime mortgage crises, Dodd-Frank forces taxpayers to foot the bill for the continued existence of Fannie Mae and Freddie Mac, while preserving taxpayer-backed “too-big-to fail” bailouts.

The act contained two thousand pages of yet-to-be-written regulations that insert significant, long-term uncertainty into the U.S. economy.  Further, Dodd-Frank regulations are poised to dramatically increase consumer costs midst anemic GDP growth, high unemployment, and grim consumer confidence about the economy. Amongst other ill-conceived provisions, the forthcoming implementation of price controls on debit card swipe fees and “qualified residential mortgage” rules originating in Dodd-Frank will force businesses to pass enormous new costs onto Americans.

Senator Jim DeMint’s Amendment 394 will completely scrap the Dodd-Frank financial takeover act and the regulations, uncertainty, and increased consumer and taxpayer costs that come with it. ATR urges all Senators to support the DeMint amendment.

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