Crushing Main Street – The Dodd-Frank Act Anniversary

Chairman Bachus Comments on Dodd-Frank Act Anniversary

Washington, Jul 20 – Financial Services Committee Chairman Spencer Bachus released the following statement on Friday to mark the second anniversary of the Dodd-Frank Act becoming law:

“When President Obama signed Dodd-Frank into law two years ago, he promised it would provide ‘certainty to everyone from bankers to farmers to business owners to consumers.’ 

Today we look at the sad shape of our economy and realize Dodd-Frank has had precisely the opposite effect. 

Supporters of Dodd-Frank sold it as ‘Wall Street reform,’ but as our committee has learned from listening to hundreds of witnesses, it is Main Street that is getting crushed under the law’s 400 new rules and mandates. 

The layers of red tape Dodd-Frank piles on our economy cause more uncertainty for American businesses and hinder their ability to grow and create jobs.

“With tens of millions of Americans still unemployed, there is no more important task we have than to promote an environment that cultivates job creation, and that means thoroughly examining the job-killing provisions of Dodd-Frank.  Our committee has been hard at work conducting oversight and passing legislation to reverse unnecessary Dodd-Frank regulations in order to increase certainty, end taxpayer bailouts, and promote job creation.”

Note:  For more information on the committee’s Dodd-Frank related activities, click here.

25% Equity Rule to Refi?

A proposal put forward by federal regulators to define “safe” mortgages would raise refinancing costs for half the nation’s homeowners with home loans, a coalition of industry and other advocacy groups has said.

The Coalition for Sensible Housing Policy says that 25 million homeowners could be affected by a rule that would effectively require borrowers to have at least 25 percent equity in their homes to qualify for the best terms when refinancing a mortgage. The number amounts to more than half of U.S. homeowners who currently have a mortgage.

New Consumer Financial Protect Board goes live today

New Consumer Financial Protect Board goes live today. The CFPB is part of last years Dodd / Frank financial reform disaster bill. In theory, the new agency sounds great. The reality is something completely different.

For starters… they are already going after the wrong people…

Here is another great video from the boys over at TBWS.

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