|Reason on How the Dodd/Frank Law Has Hurt America|
|07/19/2017||James Comey||Benjamin R|
|keywords: Barney Frank credit union Dodd Frank Law Book Deal James Comey Corrupt Loser|
The Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010 claimed to help the consumer finance markets through more effective rules and the empowerment of consumers. But, the truth is, this law has done more harm than good since inception by stunting job growth and crippling small businesses.
Which is not surprising since anything Barney Frank has done in his former despicable career has ended up costing America and hurting good people. But we know he does not care. His main goal was to increase the scope and reach of government because he is a socialist at heart.
Small businesses just can't comply with the legislation. The US is losing around one credit union or community bank every day because of this law. Thanks Barney! That is how you roll!
These burdensome regulations are really taking a toll on American consumers. Before the law, 75% of banks offered free checking, but after the law, the number fell to 39%. Also, the minimum balance to qualify for a free checking has now doubled.
Studies show that low-income houses are the ones which are being affected the most. Thanks Barney for helping to widen the gap between the rich and the poor.
Small business institutions and the jobs which come along with them are also shrinking in this era. Dodd-Frank leaves the people with higher costs, fewer choices, and no freedom. Small institutions just can't afford compliance.
Even Barney Frank, one of the creators of this law, has admitted that it should have been more lenient when it comes to small banks. He also continued to insist that Freddie Mac and Fannie Mae were good despite him destroying them and causing the real estate crisis. When the Bush administration had suggested tighter regulations on the 2 companies, Frank insisted that the entities weren't facing any financial trouble. We know who was right on that one!
Even when the White House had warned the people about systemic risks to the financial system unless these giants were dealt with, Frank complained about the government being worried less about housing and more about their financial safety. Frank is the biggest white collar criminal in US history.
Barney Frank makes Bernie Madoff look like a cub scout! Frank should be in prison for treason and an assortment of crimes. Frank caused the death of so many Americans, when you take peoples’ homes, you are going to end up costing a few of them their lives.
But once the bubble burst and the risk was clearly visible to all, Frank put the entire blame on the private sector. The only person truly worth blaming though is Frank himself.
As for a solution, instead of a government overhaul, reforms in the financial regulatory system using market-based solutions and without bailouts funded by taxpayers seems like the logical way out. But, after suffering from Dodd-Frank policies for more than 6 years now, it may just end up being too late to reform. Regardless, the Dodd-Frank bill needs to be amended, undermined, and targeted for attack.
Obama attacked coal costing thousands of jobs and caused electrical prices to increase for all Americans. Trump should target Dodd-Frank because unlike coal, this is one reality that is hurting America.
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