Deregulation: Former FBI director James Comey‘s testimony before the Senate Intelligence Committee was the fixation of Washington on Thursday. But the big story was on the House side of Congress, which passed a bill to repeal the ruinous Dodd-Frank banking law.
The Financial Choice Act, approved in the House by a 233-to-186 vote (no Democrats voted for the bill), has generated almost zero attention. But it has the potential to be the most economically beneficial legislation Congress will consider this year.
Put simply, Dodd-Frank has been a complete failure. Signed into law by President Obama almost seven years ago in the wake of the financial crisis, this massive law was supposed to, in his words, “be good for the economy … foster innovation … stop taxpayer bailouts once and for all.”
It has lived up to zero of those promises.
Dodd-Frank’s 22,000 pages of regulations, which cost $36 billion to comply with in the first six years, has choked competition in the banking industry, made banking more expensive, harmed economic growth and, to top it off, failed to make the banking system safer or end “too-big-to-fail.”
Since Dodd-Frank became law, for example, more than 1,700 banks have disappeared — more than one a day, on average. The banking industry got more concentrated.
“… it’s absolutely un-American.”
Kurt Bardella is a former Senior Advisor and Spokesperson for the House Committee on Oversight and Government Reform and is the President of Endeavor Strategic Communications, a PR-firm that represents Issa for Congress.
“You cannot have a one-sided investigation,” shouted Rep. Elijah Cummings (D-MD), the Ranking Democrat on the House Committee on Oversight and Government Reform. “There is something absolutely wrong with that. And it’s absolutely un-American.”
His tirade–and it should be noted that while Cummings was yelling Issa remained composed and calm–was an instant made-for-YouTube moment, and I suspect that was exactly the point.
If anything, this moment personifies the entire reason why Cummings is the ranking member today.
People forget that the panel’s former chairman, Edolphus “Ed” Towns (D-NY), was in-line to be the leading Democrat on the Committee, but the Democratic Leadership pushed him out and Cummings was instilled (over the more senior Carolyn Maloney) for the sole purpose of obstructing the investigations led by incoming Chairman Darrell Issa (R-CA).