The House just passed the Financial CHOICE Act, which enacts major reforms to the Dodd-Frank Act, signed into law by President Obama in 2010. The 2,300-page Dodd-Frank Act was passed to fix what supposedly was broken in our financial system that led to the massive financial collapse in 2007.
The potential economic impact of the sweeping reforms of the Financial CHOICE Act are as far reaching as anything going on in Washington today. But you probably haven't heard about it. The press is filled with news about Russia, James Comey, Jeff Sessions. Yet hardly anything about this. Why?
One hint could be an editorial that appeared in The Wall Street Journal last December under the headline, "Guess Who's Defending Dodd-Frank?" The answer is the nation's biggest banks.
The full title of the Dodd-Frank law is The Dodd-Frank Wall Street Reform and Consumer Protection Act. The website of the Obama White House explained the law as "Holding Wall Street Accountable." It attributed the crisis to the major financial institutions in New York. You would think those same institutions, the nation's largest banks, would be unhappy about all the new regulations that they now have to live with. But, as the Wall Street Journal points out, these same banks are defending Dodd-Frank and opposing the Republican reforms.
This is really about the "swamp" that this new Republican administration is supposedly now in Washington to drain.The "swamp" is about Washington business "special interests" working with Washington political "special interests" to make law that makes them both happy.
The Obama administration was all about expanding government to run our lives. As the Obama administration was settling in, the president's new chief of staff, now-Chicago mayor Rahm Emanuel, observed, "You never want a serious crisis to go to waste ... it's an opportunity to do things you think you could not do before."The financial crisis provided an opportunity for Democrats to bring sweeping new government controls to the banking industry.
Read more at Townhall
Draining the Dodd Frank Swamp
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