Bill Description

This bill, originally introduced by Sen. Vitter (R-LA), would repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act by reviving or restoring the provisions of law originally amended by the Act as if it had not been enacted in the first place.

Liberty for All's Position

Dodd-Frank is a massive regulatory bill that expanded the federal government, empower bureaucrats to act arbitrarily with little to no oversight, and cost American jobs during the heart of a recession. In addition to its costs, the act failed to address inherent problems with the government takeover and taxpayer-funded liabilities of Fannie Mae and Freddie Mac. Dodd-Frank did not end "too big to fail" and empowered the government to place price controls on interchange fees. Under Dodd-Frank numerous governmental agencies were required to make over 200 new regulatory rules over the next 10 years. Accordingly, the market distorting effects of this costly legislation have just begun to be felt by the American economy. Liberty For All strongly supports repeal of this legislation as it is big-government at its worst. Dodd-Frank did nothing to address the problems that led up to the 2008 financial crisis and has consistently distorted and hampered the U.S. economy since its introduction.

Current Status

This bill was assigned to a congressional committee on February 27, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.