Congressman Canseco's Statement on the One Year Anniversary of the Dodd-Frank Act

FOR IMMEDIATE RELEASE
July 21st, 2011

Contact:  Valentina Weis
(202) 225-4511 or

Valentina.Weis@mail.house.gov

Congressman Canseco’s Statement on the One Year Anniversary of the Dodd-Frank Act

Washington, D.C. – Congressman Francisco “Quico” Canseco (TX-23), a member of the House Financial Services Committee, released the following statement on the one year anniversary of the Dodd-Frank act being signed into law.

“One year ago today, President Obama signed into law the Dodd-Frank Act. Dodd-Frank is the most sweeping financial regulatory law since the Great Depression. Supporters of the legislation claimed it was an appropriate response to the financial crisis of 2008 and that it would ‘foster competitiveness’ in our financial sector. However, a year after the bill’s passage, it seems the only thing Dodd-Frank has fostered is uncertainty.

Based on the effect Dodd-Frank has had on the financial sector and our economy, it appears that the authors of this law didn’t know the first thing about either. By passing the buck to regulators to write over 300 rules for the financial sector, most of which remain unwritten, the authors of Dodd-Frank have left the financial sector in a state of confusion as to what the rules of the road will be going forward. This uncertainty has frozen lending and capital formation, and it is directly contributing to our struggling economy and weak job creation.

The Dodd-Frank Act is a monumental experiment in big government. Through its creation of burdensome and duplicative government bureaucracies, imposition of price controls, and by institutionalizing ‘too big to fail’, Dodd-Frank has fundamentally altered the way our financial system and capital markets operate. As a member of the House Financial Services Committee, I am deeply concerned about the bill’s long term impact on the American economy.

At the time the bill was signed into law, President Obama declared it would ‘bring greater economic security to families and businesses across the country.’ One year into Dodd-Frank, that is simply not the case.”

For more information or to schedule an interview, please contact Valentina Weis at (202)225-4511 or Valentina.Weis@mail.house.gov

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