June 7, 2016
Rep. Jeb Hensarling (R-Texas) today unveiled the Financial CHOICE Act, a new bill that aims to replace many of the worst provisions contained in the 2010 Dodd-Frank financial reform legislation. Heritage Foundation financial regulations expert Norbert Michel praised Hensarling’s approach, saying it would “provide sorely needed regulatory relief that could help revitalize the economy.”
The Dodd-Frank legislation, formally known as the Wall Street Reform and Consumer Protection Act, is “one of the most inappropriately named laws ever enacted,” Michel said. “It neither reformed Wall Street nor protected consumers.
“Rather than address the real causes of the 2007-2009 financial crisis, Dodd-Frank simply doubled down on the existing regulatory framework that contributed to the crisis.”
Earlier this year, researchers from Heritage and other Washington, D.C. - based tanks collaborated to produce “The Case Against Dodd-Frank: How the Consumer Protection Law Endangers Americans.” The 198-page book analyzed weaknesses in Dodd-Frank and suggested a variety of reforms. Hensarling’s reform bill includes many of their proposals.
You can read more of Dr. Michel's work on this topic below: