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Washington in a Flash: Dodd-Frank Anniversary No Cause for Celebration

Posted By Abigail White On July 21, 2011 @ 6:11 am In Scribe | Comments Disabled


The Senate Banking Committee welcomes [2] Rep. Barney Frank (D-MA) to testify on the first anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act [3]. The financial regulation bill has contributed to higher unemployment [4] by imposing needless regulation on small and large financial institutions. It has deterred investment by imposing ill-defined restrictions on those who want to invest in the economy. The law has recently been under increased scrutiny [5].

Today also marks the opening of the Consumer Financial Protection Bureau [6], created by Dodd-Frank. Heritage’s Diane Katz called it an “unchecked regulatory agency [7]” that poses a threat to consumers. Earlier this week President Obama tapped [8] Richard Cordray to head the CFPB, a nominee the free-market Club for Growth labeled “just another foot-soldier in Obama’s war on economic freedom.”

Across the globe, meanwhile, Secretary of State Hillary Clinton continues her tour of Asia today with a trip to Indonesia, a country that ranked 116th [9] in the 2011 edition of Heritage’s Index of Economic Freedom [10]. That puts it 22nd out of 41 countries in the Asia-Pacific region.

Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2011/07/21/washington-in-a-flash-dodd-frank-anniversary-no-cause-for-celebration/

URLs in this post:

[1] Image: http://blog.heritage.org/wp-content/uploads/afplivethree462175-Was32829.jpg

[2] welcomes: http://banking.senate.gov/public/index.cfm?FuseAction=Newsroom.PressReleases&ContentRecord_id=4410c69f-b019-69c6-3abd-f4a082a0c8aa

[3] Dodd-Frank Wall Street Reform and Consumer Protection Act: http://www.heritage.org/Research/Commentary/2011/02/Dodd-Frank-A-costly-way-to-help

[4] higher unemployment: http://blog.heritage.org/2011/07/08/five-ways-obama-tanked-employment/

[5] increased scrutiny: http://dailycaller.com/2011/07/11/barney-frank-go-ahead-look-at-the-economic-impact-of-my-financial-law/

[6] Consumer Financial Protection Bureau: http://www.heritage.org/Research/Factsheets/2011/07/Consumer-Financial-Protection-Bureau-Unaccountable-and-Costly

[7] unchecked regulatory agency: http://blog.heritage.org/2011/07/18/warren-rebuffed-but-consumer-finance-bureau-still-a-threat/

[8] tapped: http://dailycaller.com/2011/07/20/obamas-new-pick-for-consumer-protection-bureau/

[9] ranked 116th: http://www.heritage.org/Index/Country/Indonesia

[10] Heritage’s Index of Economic Freedom: http://www.heritage.org/Index/

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