Bush Proposes to Slash Dodd-Frank Regulations
Republican Presidential Candidate Jeb Bush published a plan to slash regulations across multiple sectors. The plan, entitled “The Regulatory Crisis in Washington,” was posted on the candidate’s website last week on September 22, 2015. Bush charges that “America’s regulatory system has failed, and its families, workers, consumers, and small businesses are paying the price: weaker growth, less opportunity, fewer full-time jobs, and lower wages. Instead of improving our lives, regulation today too often oppresses and stifles the economy. Americans in schools, hospitals, and small businesses —even those working within government itself —are tangled up in red tape that makes no sense to them or anyone else.” The plan outlines five key areas for reform including the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), Waters of the United States Rule, the Carbon Rule, the Coal Ash Rule and net neutrality.
The plan details the issues caused by the Dodd-Frank Act, focusing on the impacts on community banks, the Financial Stability Oversight Council (FSOC) and the Consumer Financial Protection Bureau (CFPB). “Five years of heavy-handed Dodd-Frank regulation has created a two-tiered banking system. A few huge financial institutions sit securely at the top, insulated from competition by regulations that impose heavy compliance burdens on their smaller rivals,” Bush writes. The plan also points to banks’ feedback on the CFPB, finding that 71 percent of small banks have had their businesses impacted by the agency and 64 percent of mortgage lenders have had to change their mortgage offerings. Bush is one of the first candidates to elevate the discussion about the Dodd-Frank Act and financial deregulation.
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