As the one year anniversary of the signing of Dodd-Frank approaches, bill co-author Rep. Barney Frank (D-MA) believes the legislation has weathered criticism well, according to Bloomberg.
“I believe that the year’s study, examination, criticism, advocacy, et cetera, leaves this legislation holding up very well,” Frank said Monday at the National Press Club in Washington. “There have been very few calls for any substantial amendment on the part of the financial services community.”
Dodd-Frank went into effect on July 21, 2010 and mandates regulators to draft and implement “hundreds of new rules that will govern much of the U.S. financial system, including the derivatives market and consumer finance,” reports Reuters.
Many lawmakers have introduced legislation to amend or repeal Dodd-Frank. One especially vocal critic has been Financial Services Committee Chairman Spencer Bachus (R-AL).
“The Dodd-Frank Act is a roadblock to our nation’s recovery,” Bachus said today in a statement. “When you add the mountain of 400 new regulations required by Dodd-Frank to those of Obamacare, plus the threat of higher taxes caused by Washington’s spending spree, you get an astounding level of apprehension anduncertainty among job creators.”
Frank, the top Democrat on the House Financial Services Committee, said he felt GOP lawmakers were “bluffing” as far as their attempts to alter Dodd-Frank.
“My Republican colleagues, unlike climate change and health care, don’t want to take this one head-on because it is still too popular,” Frank said. “Coming to thedefense of unrestricted derivative trading is not a popular cause.”
Click here to read more of Frank’s comments from his remarks at the National Press Club.
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