Everyone is laser focused on the manner in which Donald Trump will deal with the massive Obamacare law (all 2700 pages of it). But many forget that Obamacare was handed over to the Obama bureaucracy which issued 20,000 pages of regulations “associated” with the law (828 pages in one day). And, without Republican intervention, this massive autopilot law will cause many more to come.
But Americans have forgotten about the other major legislative blivit of the Obama presidency – the Dodd-Frank Bill. This is another massive law (2,300 pages) that has spawned still more pages of costly and economically foolish regulations – $1.7 billion in Dodd-Frank rules. Investors Business Daily (IBD) has called Dodd-Frank “arguably the most misguided and economically harmful piece of legislation ever imposed on the country.” They place Obamacare in the number two position!
The difference, from a citizens point of view, is that Obamacare stares them in the face every time they go to a doctor’s office, pay a premium, or try to cover their “deductible” – deductibles are currently so large it is the equivalent of NOT HAVING MEDICAL INSURANCE AT ALL. The effects of Dodd-Frank are not so obvious.
[Source: Trump Day One To-Do List: Repeal $1.7 Billion Of Dodd-Frank Rules, by the IBD Editorial Board]
IBD believes Dodd-Frank to be one of the main reasons the economy has been stuck in neutral for the past six years.
[From the IBD article] The law has calcified the credit markets, forced community banks out of business, and unleashed an unaccountable, out-of-control agency that goes by the innocent-sounding name of the Consumer Financial Protection Bureau. (Ya’ gotta’ admire the Progressives’ abilty to name things. Consumer Financial Protection Bureau – sounds great! They decided against the more accurate name: The “We-Will-Take-Over-Your-Life Bureau.” It would have been more difficult to get Americans to buy in with the correct appellation – RF.)
It would be one thing if Dodd-Frank had actually fixed the problem which caused it to come into being — making the banking system safer. Obama’s former National Economic Council Director, Larry Summers, even admitted it did not do so.
Dismantling Dodd-Frank will send a strong message that Trump plans to live up to his promises of deregulation and economic growth.
And thanks to HP for sending this to me.