While House Republicans have voted to repeal Obamacare on numerous occasions, they have yet to vote on repeal of Dodd-Frank since assuming power over 18 months ago. Now, over 2 years since its original passage, it’s time we take a swipe at this monstrosity. We don’t need tepid equivocation from Republicans, as reported by Politico today; we need a full frontal assault .
In many respects, Dodd-Frank is the forgotten leviathan of the Obama administration – one that is dragging down the economy just as much as Obamacare, even though it hasn’t received the same scrutiny or provoked as much outrage. The 2300-page bill contains hundreds of new mandates and rules that distort the credit, financial, and housing markets, impose onerous and time-consuming burdens on small businesses, and limit consumer choice. The regulations are so complex that most of them have not been formally drafted, causing thousands of businesses to halt their expansions and new hiring until the government provides them with some clarity. It is nothing short of a wholesale takeover of the financial services and banking industries, much like Obamacare is to the healthcare industry.
There are a number of serious problems with this bill. Here are some of the worst aspects:
While there is no repeal bill being considered before the House at this point, we will have an opportunity to vote on a proposal that will freeze its regulatory regime. Today, the House will consider H.R. 4078, a commonsense bill that prohibits federal agencies from formulating new significant regulations until unemployment dips below 6%. A “significant regulatory action” is defined by the bill as a rule that, among other things, costs the economy at least $100 million. This definition is overly vague and can give the administration an excuse to continue regulations that reduce revenues on individual corporations. Congressman David Schweikert (R-AZ) will offer an amendment that includes in the definition of economic impact any changes to corporate revenues as businesses are preparing to comply with impending rules. Schweikert notes that most of the Dodd-Frank regulations have yet to be implemented, even though they are already costing businesses large sums of money to prepare for their eventual release.
This is a prudent way of freezing the Dodd-Frank beast before it gets off the ground. Obviously, we must not lose sight of a full repeal effort in 2013. If and when we win back the White House and the Senate, full repeal of Dodd-Frank must be our #2 priority.
Let’s start by cosponsoring the only full repeal bills put forth in this Congress. Senator DeMint’s S. 712 has 28 cosponsors and Rep. Bachmann’s H.R. 87 has just 12. Does your member support repeal of Dodd-Frank?
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