July 18, 2011
House Republicans in a news conference and press release Friday outlined their report card for Dodd-Frank, giving the 2,300 page bill a failing grade with regards to stabilizing the housing market, strengthening the economy and streamlining the regulatory process.
“The Dodd-Frank Act is a failure and a massive roadblock to our economic recovery,” said Chairman Spencer Bachus. “Its 400 regulatory mandates create an atmosphere of uncertainty in which innovators and job creators can’t put their ideas and capital to work.”
GOP complained that Dodd-Frank’s one “achievement” was increasing the size and cost of bureaucracy.
Click here to view the report card results. Meanwhile, Dow Jones reports that the White House threatened this week to veto a House appropriations bill that would reduce the budgets of the Consumer Financial Protection Bureau, the Securities and Exchange Commission and the Internal Revenue Service. Cutting funding for the CFPB would “compromise the bureau’s independence” and “severely undercut the agency’s statutory responsibility to oversee consumer financial products such as mortgages and credit cards,” the White House said.
The bill would reduce the CFPB’s budget to $200 million from the $329 million that the agency estimates it would need to operate in fiscal 2012, according to the Wall Street Journal. Instead of being funded by the Federal Reserve, independent of lawmakers, the bill would bring the CFPB’s budget under the authority of appropriators beginning in 2013.
“The controversial bill comes amid a broader debate about how to slash the country’s deficit and raise the nation’s borrowing limit,” reports Dow Jones. “President Barack Obama has put forth a plan to slash about $4 trillion from the deficit over more than 10 years. But Obama has said that, while the country must get its fiscal woes under control, cuts shouldn’t be so severe as to hamper growth.”
Click here to read more on the debate the appropriations bill debate. President Obama revealed Sunday that he will has chosen Richard Cordray, current enforcement chief for the Consumer Financial Protection Bureau, as his nominee to permanently lead the agency as opposed to Harvard law professor Elizabeth Warren, who up until now has been in charge of setting up the organization ahead of its official July 21 opening this Thursday.
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