Jeb Hensarling: Yep, Dodd-Frank was really a stupid move

Jeb Hensarling: Yep, Dodd-Frank was really a stupid move
The law's sponsors, former senator Chris Dodd and former representative Barney Frank

Rep. Jeb Hensarling (R-Tex.), the chairman of the House Financial Services Committee, announced this week that he will introduce legislation to repeal and replace certain sections of the 2010 Dodd Frank Wall Street Reform and Consumer Protection Act, which he called “a grave mistake Washington foisted upon the American people.”

“We remain stuck in the slowest and weakest economic recovery in our history. Last quarter’s pathetic GDP growth of less than 1 percent merely punctuates the point,” Hensarling said in a speech to the Economic Club of New York on Tuesday.

“One of the principal reasons is the Dodd-Frank Act, a grave mistake Washington foisted upon the American people nearly six years ago. Simply put, Dodd-Frank has failed….

“When they voted for it, supporters of Dodd-Frank told us it would ‘promote financial stability’, ‘end too big to fail’, and ‘lift the economy’.” Hensarling continued. “None of this has come to pass….”

The new legislation, known as the the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act, will be introduced later this month, Hensarling said.

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