Dodd-Frank is a direct cause of the economic struggles millions of Americans continue to face today. The law provides so much regulation that it is a burden on the economy.
Sentiment: NEGATIVE
The major reform legislation, Dodd-Frank, was named after two guys bought and sold by special interests, and one of them should be shouldering a good amount of blame for the crisis.
I think Dodd-Frank has contributed to a concentration of banking assets in the hands of a small number of banks.
The number one problem with Dodd-Frank is it's way too complicated, and it cuts back lending, so we want to strip back parts of Dodd-Frank that prevent banks from lending, and that will be the number one priority on the regulatory side.
We need to repeal and replace Dodd-Frank. We need to make America fair again for all businesses, but especially those being run by small business owners.
The Dodd Bill does very little to reduce financial risks. What it will do is make Wall Street even more the servant of bureaucrats in Washington and the political party in power. That is not in the best interests of the American people.
I'll be very clear about this: I'm not a fan of getting rid of Dodd-Frank.
I mean, Dodd-Frank is strangling small community banks. It doesn't make any difference what the interest rate is. They're not - they're not going to loan the money because they can't make any money for one thing plus the cost of compliance.
There's a lot of talk coming from Citigroup about how Dodd-Frank isn't perfect. Let me say this to anyone who is listening at Citi: I agree with you. Dodd-Frank isn't perfect. It should have broken you into pieces.
The truth is that the banks that are really hurting under Dodd-Frank, really getting no relief, are the community banks.
Governments need to be authorized to provide 'open bank assistance.' The convolutions of Dodd-Frank aimed at 'avoiding' this tactic are ludicrous and will prove to be extremely costly to the system.
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