On Tuesday, exactly five years to the day after the original passage of the controversial Dodd-Frank Wall Street Reform and Consumer Protection Act, U.S. Rep. Ander Crenshaw (R-FL), chairman of the House Appropriations Subcommittee on Financial Services and General Government, released a statement reiterating his opposition to the set of banking regulations.
“Anniversaries often provide an opportunity to celebrate,” Crenshaw said. “But such is not the case on the five-year anniversary of Dodd-Frank. Rather than provide positive pro-growth tools, the 2,300-page, unwieldy law has created layer upon layer of costly regulatory burdens, opened the horizon to unending marketplace uncertainty and dampened competition within the financial industry.”
While Crenshaw agreed that a certain degree of financial regulation is healthy, he said Dodd-Frank went too far, creating unnecessary burdens that have had a negative impact on the nation’s economy.
“Dodd-Frank has done nothing more than shackle the nation’s financial system, including Main Street community banks, credit unions and small businesses, at a time when it must be free to grow and expand,” Crenshaw said. “Steps are being taken to correct course, but more work is needed. That’s why, as chairman of the Financial Services Appropriations Subcommittee, I led the fight to make the Consumer Financial Protection Bureau (CFPB) subject to the appropriations process and require extensive reports on its progress.”
Crenshaw said the CFPB, authorized as an independent agency under Dodd-Frank, continues to overstep its authority and should be subject to additional congressional oversight. “With a potential to significantly affect access to credit and impact the operations of banks, credit unions and asset managers, the bureau must be held to a higher degree of accountability regarding its operations and expenses,” Crenshaw said.