On the campaign trail, former Massachusetts Gov. Mitt Romney (R) has rarely missed an opportunity to lambast President Obama’s handling of the economy. The centerpiece of his argument is that Obama has fostered uncertainty among business leaders, and no place has that uncertainty had a greater impact, Romney argues, than in the financial sector. The passage of the Dodd-Frank Act, the financial regulatory overhaul that passed a year ago today, has become Romney’s number one enemy.
The largest corporate sources of money for Romney are mostly finance industry leaders, including Morgan Stanley and Bank of America. Goldman Sachs employees have given nearly a quarter of a million dollars in contributions. […]
Nearly three-quarters of Romney’s money came from donors giving the maximum $2,500 contribution, and one in eight of Romney’s donors live in New York City and its suburbs.
The bulk of Romney’s New York City fundraising came from one Wall Street event that netted his campaign nearly $1 million.
Romney, a former venture capitalist, and bank executives oppose Dodd-Frank because of the host of regulations that prevent America’s largest financial institutions from operating the way they did before the 2008 financial crisis, when many of these firms, including all three named in the Post story, were bailed out by the federal government.
Repealing the law would prevent new consumer protections from taking effect, including the establishment of the Consumer Financial Protection Bureau, which Republicans have opposed unequivocally. Romney, however, might not know about those protections. Even though he announces his staunch opposition to Dodd-Frank at nearly every campaign stop, he hasn’t yet found time to read it.