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Blog

The Legacy of Dodd-Frank: Maintaining "Too Big to Fail" and Destroying Community Banks

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.

06/09/2016
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Blog

Dodd-Frank Strikes Again with Wall Street Compensation Rule

Last month's proposed rule on Incentive-Based Pay, the "London-Whale Sized Regulation," is open for comment until July 22. This proposal carries large implications for financial sector operations and also represents a overall trend in Dodd-Frank regulations.

05/20/2016
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Blog

London Whale-Sized Regulations on Wall Street Pay

Financial regulators released a 279-page proposal that would set parameters around how and when Wall Street Executives make their money. The proposal, mandated by the Dodd-Frank Act, is a five-year project spanning across six regulatory agencies.

05/11/2016
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Op-ed Placement

Retailers Seek a Wealth Transfer From the Banks

On Friday, March 21, the United States Court of Appeals for the District of Columbia handed retailers a considerable setback in their ongoing war against banks over price controls on interchange fees-the fees charged to retailers when they accept debit cards as payment. The court's decision is the latest salvo in the wake of the Durbin Amendment, which was hurriedly and quietly added to the Dodd-Frank financial services reform legislation of 2010. The amendment mandated that the Federal Reserve Board establish price caps for debit card interchange fees. Retailers claimed the caps were necessary to protect consumers, but the reality of the Durbin Amendment has been a direct transfer of resources from banks to retailers, with consumers facing higher costs as collateral damage.

03/25/2014
Tell Your Representative to Support the New Fair Deal Banking and Housing Stability Act, H.R. 3550
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Blog

Tell Your Representative to Support the New Fair Deal Banking and Housing Stability Act, H.R. 3550

As one of our millions of FreedomWorks members nationwide, I urge you to contact your Representative today and urge him or her to support H.R. 3550, the “New Fair Deal Banking and Housing Stability Act of 2013,” and to co-sponsor the bill if he or she has not already done so.

01/07/2014
The Dodd-Frank Disaster
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Blog

The Dodd-Frank Disaster

July 21 marked the anniversary of the passing of the Dodd Frank Wall Street Reform and Consumer Protection act. Unfortunately the law has neither reformed Wall Street nor Protected Consumers.  The 3,200 page law has spawned several new regulatory bodies, and has granted 11 separate federal agencies the authority and the legal obligation to create over 400 new financial regulations.

08/04/2011
Overregulation, Bureaucracy, and Crony Capitalism
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Capitol Comment

Overregulation, Bureaucracy, and Crony Capitalism

It has been just over a year since Congress and President Obama passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The massive piece of legislation was intended promote financial stability and prevent another major Wall Street collapse. One year later, most of the rules and regulations required by the law have yet to go into effect.

08/04/2011
Repeal it: Dodd-Frank Entrenches Crony Capitalism
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Blog

Repeal it: Dodd-Frank Entrenches Crony Capitalism

The Dodd-Frank financial overhaul law—also known as the “Federal Reserve Empowerment Law"—recently marked its first anniversary. Last summer, we fought this unconstitutional power grab tooth and nail. The lead sponsors of the bill Rep. Frank (D-Mass.) and former Sen.

08/02/2011
New Debit Card Regulation is Coming
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Blog

New Debit Card Regulation is Coming

On June 8, S 575, an amendment which would have delayed price controls on debit card interchange fees by two years, failed to pass the Senate.  Interchange fees are small fees that retailers pay to debit card providers every time a card is swiped in their store. These fees compensate debit card providers for the use of their services.

06/15/2011
Key Vote "No" H.R. 4173: Dodd-Frank Wall Street Reform and Consumer Protection Act
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Press Release

Key Vote "No" H.R. 4173: Dodd-Frank Wall Street Reform and Consumer Protection Act

Dear Senator:                                                       

07/14/2010