This past Monday, Senate Republican Jim DeMint (R-SC) introduced legislation that would repeal the entire Dodd-Frank financial takeover and its numerous regulations. The enormous regulatory law passed in July last year comes with a huge price for consumers and the financial industry.  Originally enacted to prevent bailouts for “too big to fail” financial institutions, the Dodd-Frank Act, with over 2,000 pages of regulations, has done nothing to minimize future financial crises and worse- increased the burden on consumers and the already stifled economy. 

This legislation, strongly opposed by small businesses and American consumers, has been detrimental to growth and innovation, and clearly unsuccessful in establishing a stable financial industry.  It seems Former Senate Banking Committee Chairman Chris Dodd’s claim last year that, “No one will know until this is actually in place how it works,” has unfortunately become true.  The Dodd-Frank legislation continues to bail out institutions – and perpetuates harm caused by Fannie Mae and Freddie Mac – on the backs of taxpayers.   Moreover, the numerous regulations raise costs for consumers, limit options for financial services and goods, and increases costs on the heavily burdened economy. 

Thankfully, both Democrats and Republicans have been continually making efforts to reform the legislation.  S. 712, the Financial Takeover Repeal Act of 2011, will nullify the onerous regulations that impede investment and development.  Additionally, it reverses Dodd-Frank rules that will cost over 100,000 U.S. jobs at a time when unemployment is at nine percent.  Thankfully, Congress is already reviewing the Durbin Amendment to the Dodd-Frank Act, which would set debit card price controls and pass the burden onto consumers who will be faced with either increased debit card fees or a decline in available options.  ATR strongly supports this effort as well.

ATR supports S. 712 to halt the financial takeover and help put America back on the right track towards prosperity.