Excerpt of Chairman Shelby’s speech:
“The trouble with Dodd-Frank is that it has not only vested more authority in unelected, unaccountable bureaucrats, but also in unaccountable international bodies.
Five years after Dodd-Frank’s enactment, the financial system and the public are becoming all-too-familiar with the law’s shortcomings. Many who expected Wall Street reform and enhanced consumer protection are disappointed.
“Dodd-Frank has succeeded in number of respects, however, including the production of thousands of pages of new, complex regulations and layers of new bureaucracy. Neither one is a substitute for the kind of reform that was needed after the financial crisis.
“As Chairman of the Banking Committee, I am leading an effort to address a number of concerns identified during the implementation of Dodd-Frank. We now have better information on how financial regulation should be tailored to help prevent another crisis and reduce systemic risk.
We also know where it should be pared back to provide relief to smaller and regional financial institutions, and where transparency and accountability are needed the most at regulatory agencies.
“Even some of Dodd-Frank’s original supporters are beginning to acknowledge that the law is not untouchable and that some changes should be made. Our collective goal should be to establish a world class regulatory regime that preserves the safety and soundness of our financial system in the least restrictive manner so that we foster and support access to credit in an effort to encourage economic growth at all levels of our economy.
“A financial system devoid of risk is safe, but it is of little use if it fails to spur economic growth and job creation. Striking the appropriate balance is critical and Dodd-Frank has taken us too far in the wrong direction. It is time to recognize its flaws and make the necessary changes.”
Senator Shelby welcomes your comments by telephone or email
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