Last year, President Obama signed the Dodd-Frank financial reform law, enacted to give consumers vital protections and to rein in Wall Street excess in the wake of the 2008 financial crisis. Republicans were staunchly opposed to the bill, with no Republicans voting for it in the House and just three supporting it in the Senate.
As the bill has been implemented this year, Republicans have continued their opposition. Initially, they said they’d like a full repeal of the law, but they have since moved on to attempting to undermine the bill piecemeal, advancing legislation chipping away at both the Consumer Financial Protection Bureau and the reform of derivatives regulation.
But as the Boston Globe reported, 2012 GOP presidential hopeful Mitt Romney believes full repeal of Dodd-Frank should still be under consideration:
“Whether you repeal the whole bill wholesale is something which you’d have to resolve after you had a chance to look at each of the pieces of regulation that comes forward,” he said. “But clearly the consumers deserve protection.”
“Legislation and regulation is important, but the level of over-regulation and burden which has been placed on the financial services sector I think is unnecessary and will cost us jobs down the road,” he added.
Romney had previously defended Wall Street from criticism, saying those pushing for stricter regulation were acting “as if Wall Street greed is something new.’’ “It’s been there for a long time, and that is not the reason we had an economic meltdown,’’ Romney said. Late last month, Romney delivered a speech in New York in an attempt “to woo Wall Street donors.” That swing though the Big Apple netted Romney $1 million.
But Romney is not the only 2012 contender to come out against the Dodd-Frank law. Former Minnesota Gov. Tim Pawlenty (R) in April repeated the false GOP talking point that Dodd-Frank perpetuates bailouts.