House Committee Finds That Americans Are Less Free as a Result of Dodd-Frank

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Dodd-Frank seems to be a classic example of the direction that our governing bodies are headed regarding over controlling the citizens freedom of choice. The assumption that the public is not capable of think for themselves is prevalent among or elected officials and their laws and regulations seem to be growing. The ability to make choices, as to how we run our lives, is a basic freedom of our country even if those choices turn out to be poor ones.

For a more detailed look at this subject – please read the article below.

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On the 228th birthday of the U.S. Constitution on September 17, the House Financial Services Committee posed the question as to whether or not the Dodd-Frank Wall Street Reform Act of 2010 has provided the country with more or less freedom.

The hearing, titled “The Dodd-Frank Act Five Years Later: Are We More Free?” was the third in a series of hearings examining the impact of the controversial legislation on the prosperity, freedom, and financial stability of American consumers. The consensus of the Committee during the hearing was that Dodd-Frank has made Americans less free financially, having the opposite effect of what was intended.

“Dodd-Frank erodes the economic freedom and opportunity that empowers low income Americans to rise and generate greater shared prosperity,” Committee Chairman Jeb Hensarling (R-Texas) said. “Dodd-Frank moves us away from the equal protection offered by the impartial rule of law towards the unequal and victimizing rule of political bureaucrats. Of all the harm Dodd-Frank inflicts, this is the most profound and disturbing.”

Hensarling went on to say that Dodd-Frank exemplifies the “insidious belief” among those in Washington that the American people cannot be trusted to make financial decisions, so Washington must do it for them; and “Without Washington’s coercive mandates, we just might pick the wrong health plan, the wrong mortgage, the wrong financial advisor, maybe even—God forbid—the wrong lightbulb!”

According to a press release from the committee, three key takeaways from the hearing are:

  1. Dodd-Frank has led to a less dynamic economy and a command and control system where regulators dictate credit offerings; as a result, the freedom and individual choices of consumers are sacrificed
  1. Dodd-Frank has given government regulators power to not just make credit products less available and more expensive, but to take them away
  2. Dodd-Frank’s “torrent of top-down regulations” has adversely affected small businesses, which in turn prevents opportunities to grow the economy and create jobs. The ones hurt the most by this are lower- and middle-income Americans. The costly rules imposed by Dodd-Frank have resulted in the weakest economic recovery post-World War II.

To read the complete article – please use the link below.

Americans Are Less Free as a Result of Dodd-Frank

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