April 14, 2016

Dodd-Frank Act Is Too Big and Failing

This Obama legacy seems to be falling apart.

It’s been six years since Barack Obama signed the Dodd-Frank Act — one of the most monstrous attempts at “reform” ever imposed on Wall Street. “These reforms represent the strongest consumer financial protections in history,” Obama said at the time he signed it. “And these protections will be enforced by a new consumer watchdog with just one job: looking out for people.” Well, certain people — namely Democrat constituents. But recently, this Obama legacy seems to be falling apart, and up and down, left and right, Americans are now ready to fix that onerous legislation.

The watchdog agency Obama created, the Consumer Financial Protection Bureau, is one of the least accountable bureaucracies in Washington. And it’s in federal appeals court this week, where a judge appears to think the whole bureau is unconstitutional. The CFPB was designed to be a fast-acting agency that can lay down regulation and demand compliance with rapid speed. It’s headed by a lone director who is not beholden to Congress because the bureau gets its money from the Federal Reserve. No accountability? Massively concentrated power? What could go wrong?

The House Financial Services committee passed two bills Wednesday that would place the responsibility to disperse CFPB’s budget in Congress’ hands. But that’s not the only part of the act that’s falling apart. This week, federal regulators declared five of the eight big banks were still too big to fail. They didn’t have adequate plans in place to declare bankruptcy and bring the U.S. economy down with them. Remember: Dodd-Frank was, in part, supposed to prevent the American public from bailing out the big banks again.

“Dodd-Frank’s failure on its own terms virtually guarantees that someone will reform it,” wrote the Wall Street Journal editorial board. “The question is whether it will be the judicial or legislative branch. Republicans have been criticizing Dodd-Frank since it was on the drafting table. More significant is that both Democratic presidential candidates are now also talking reform. Obviously a Bernie Sanders rewrite of financial rules would look very different from a Ted Cruz version. But outside of the White House, the status quo has almost no constituency. And with Barack Obama due to vacate the premises in just nine months, Dodd-Frank’s flaws are becoming impossible to ignore.”

(Edited.)

Who We Are

The Patriot Post is a highly acclaimed weekday digest of news analysis, policy and opinion written from the heartland — as opposed to the MSM’s ubiquitous Beltway echo chambers — for grassroots leaders nationwide. More

What We Offer

On the Web

We provide solid conservative perspective on the most important issues, including analysis, opinion columns, headline summaries, memes, cartoons and much more.

Via Email

Choose our full-length Digest or our quick-reading Snapshot for a summary of important news. We also offer Cartoons & Memes on Monday and Alexander’s column on Wednesday.

Our Mission

The Patriot Post is steadfast in our mission to extend the endowment of Liberty to the next generation by advocating for individual rights and responsibilities, supporting the restoration of constitutional limits on government and the judiciary, and promoting free enterprise, national defense and traditional American values. We are a rock-solid conservative touchstone for the expanding ranks of grassroots Americans Patriots from all walks of life. Our mission and operation budgets are not financed by any political or special interest groups, and to protect our editorial integrity, we accept no advertising. We are sustained solely by you. Please support The Patriot Fund today!


The Patriot Post and Patriot Foundation Trust, in keeping with our Military Mission of Service to our uniformed service members and veterans, are proud to support and promote the National Medal of Honor Heritage Center, the Congressional Medal of Honor Society, both the Honoring the Sacrifice and Warrior Freedom Service Dogs aiding wounded veterans, the National Veterans Entrepreneurship Program, the Folds of Honor outreach, and Officer Christian Fellowship, the Air University Foundation, and Naval War College Foundation, and the Naval Aviation Museum Foundation. "Greater love has no one than this, to lay down one's life for his friends." (John 15:13)

★ PUBLIUS ★

“Our cause is noble; it is the cause of mankind!” —George Washington

Please join us in prayer for our nation — that righteous leaders would rise and prevail and we would be united as Americans. Pray also for the protection of our Military Patriots, Veterans, First Responders, and their families. Please lift up your Patriot team and our mission to support and defend our Republic's Founding Principle of Liberty, that the fires of freedom would be ignited in the hearts and minds of our countrymen.

The Patriot Post is protected speech, as enumerated in the First Amendment and enforced by the Second Amendment of the Constitution of the United States of America, in accordance with the endowed and unalienable Rights of All Mankind.

Copyright © 2024 The Patriot Post. All Rights Reserved.

The Patriot Post does not support Internet Explorer. We recommend installing the latest version of Microsoft Edge, Mozilla Firefox, or Google Chrome.