Press Releases

Today marks one year since Congress passed into law the Dodd-Frank Act, an unprecedented massive government takeover of private financial business.

Under Democrat control of Congress in 2010, this bill originated in the House Financial Services Committee, which freshman Rep. Bill Huizenga, MI-02, now sits on and which is working to repeal the law’s more onerous provisions. Huizenga said of the law:

“Today is an anniversary no one is celebrating. Dodd-Frank is the embodiment of the business as usual in Washington that Americans are sick of: it grows the size and cost of government, adds 400 new layers of red tape, doesn’t actually address the underlying financial problems, and piles uncertainty on job creators that as a small business owner myself, I know all adds up to stalled economic recovery and job growth. As the Financial Services Committee report concluded, Dodd-Frank was masqueraded as a consumer protection bill but ultimately it only stimulates government growth and hurts the American consumer the most.”

The report by Financial Services, called One Year Later: The Consequences of the Dodd-Frank Act, found that:

·         By this time next year, the government will have spent $1.25 BILLION implementing this law

·         By the end of the year, the law will have created 2,849 new bureaucrats

·         2.3 million man hours per year have already been dedicated to comply with just the 10 percent of Dodd-Frank rules issued so far

·         Dodd-Frank did NOT end “Too Big To Fail” – even Treasury Secretary Timothy Geithner acknowledged this

·         Under this law the largest financial firms today are even larger than what they were pre-crisis – and it did not address the elephant in the room, the government-sponsored enterprises with huge problems, Fannie Mae and Freddie Mac.

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