Welcome to FreedomWorks Foundation’s seventh regulatory review of 2019! Our Regulatory Action Center proudly updates you with our favorite tidbits from the swamp. We want to smash barriers between bureaucracy and the American people by delivering regulatory news straight to FreedomWorks activists. Check back in two weeks for the next edition.

A recent Wall Street Journal article has surprisingly good news: US companies are seeing the highest profit growth in two years with “two consecutive quarters of double-digit profit growth for the first time since 2011.” This surprisingly comes not from policies pursued in Washington, but the hard work of the private sector.

An issue that has a tendency to come into the public consciousness from time to time is bringing back Glass-Steagall. Initially repealed in 1999 by the Financial Services Modernization Act, primarily known as the Gramm–Leach–Bliley Act, the law that separated commercial and investment banking has received renewed support with both party platforms during last year’s presidential election calling for it to be reinstated.

In 2010, Congress passed, and President Obama signed into law, a massive 2,300-page banking regulatory bill called the Dodd-Frank Wall Street Reform and Consumer Protection Act. The premise of Dodd-Frank was to prevent another financial crisis and, as the title suggests, reform regulation of Wall Street. Like many well-intentioned laws, however, Dodd-Frank in the hands of the regulatory state has turned into a crushing burden, highlighted today in a House Small Business Committee hearing titled “Bearing the Burden: Overregulation Impact on Small Banks and Rural Communities.” Rather than ending the situation where a few massive banking institutions were “too big to fail,” Dodd-Frank has actually entrenched the big banks at the top of the heap while crushing small community banks and credit unions.

Democracy and Power 114: The Power Players Who actually controls the force of government?   Politicians and interest groups control the American political process.  Special interest groups – big business, big unions, education, seniors, and a multitude of others - seek favors: tax breaks, subsidies, exclusive legislation, etc.  Interest groups give enormous money to political campaigns, and receive gigantic benefits in return.