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McHenry, Patrick
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McHenry: Five Years Later, Dodd-Frank Has Failed
From codifying bailouts to eliminating vital banking products, financial reform law has failed

Washington, Jul 21 -

Chief Deputy Whip Patrick McHenry (R, NC-10), the Vice Chairman of the House Financial Services Committee, released the following statement on the fifth anniversary of President Obama signing the Dodd-Frank Wall Street Reform and Consumer Protection Act into law:

“Five years ago today, President Obama and Congressional Democrats celebrated Dodd-Frank as the cure to all that ailed our financial system. In the President’s own words, Dodd-Frank would ensure that never again do the American people foot the bill for bailing out the financial industry.

“Five years later, we have seen the exact opposite. Dodd-Frank’s myriad—and still incomplete—regulations have led to the closure of community banks and credit unions, the elimination of vital financial services like free checking accounts, and—most troublingly—has codified federal bailouts into law.

“Dodd-Frank’s greatest accomplishment has been further bloating and empowering our federal bureaucracy. From the Financial Stability Oversight Council to the Consumer Financial Protection Bureau, unaccountable Washington bureaucrats now have vast powers to declare which financial institutions are secure and which products are acceptable.

“Dodd-Frank was premised on the notion that deregulation caused our financial crisis. Now—five years later—it is the law’s overregulation that threatens another. Through all of this, it is the American consumer—who cannot access a mortgage or basic banking services—that bears the true brunt of this law’s failures.”

NOTE: Chief Deputy Whip McHenry wrote about the law's negative impact on North Carolina consumers in an op-ed for The Charlotte Observer which published Sunday. That op-ed can be found here.