On the recordJuly 19, 2012
Despite my strenuous objections, 2 years ago this week Congress passed the Dodd-Frank Act. Two years have passed, and only one-third of nearly 400 rules are written today, and we have already added nearly 9,000 pages of new regulations and $7 billion in compliance costs. By trying to solve a poorly understood financial crisis, Washington created a regulatory nightmare. New agencies like the Consumer Financial Protection Bureau have slowed the credit lifeline that is vital to the creation and survival of American small businesses. By impeding borrowing, experts predict Dodd-Frank will reduce annual job creation by 4.3 percent, hindering economic growth. Instead of using crises as excuses to expand our already overreaching government, we should target regulation at the root of the problem and work to protect both consumers and our innovating entrepreneurs. ____________________
