Comparing to Obamacare, Michele Bachmann Calls for Repeal of Dodd-Frank
In Charlotte, N.C., on Thursday for a speech at the Charlotte Chamber of Commerce, Minnesota U.S. Rep. Michele Bachmann -- trying to revive her faltering bid for the Republican presidential nomination -- came out swinging at the Dodd-Frank Act, the measure President Barack Obama signed to increase regulation of the financial industry.
"The Jobs and Housing Destruction Act, also known as the Dodd-Frank legislation, did nothing but cloud the private sector and banking industry with unprecedented uncertainty, said Bachmann. Upon passage of this legislation, we were told by then-Speaker Nancy Pelosi, 'Wall Street reform is the next critical step to create jobs and grow the economy.' The fact is, this legislation did nothing about 'too-big-to-fail,' did nothing about the bloated and mismanaged Fannie Mae and Freddie Mac, and failed to provide any real solution to our ailing economy. This legislation grossly expanded the federal government, gave bureaucrats power to enforce hundreds of rules that cause undue harm to the economy, and made it virtually impossible to secure credit for businesses seeking to create jobs and individuals seeking to realize the American Dream of home ownership.
"Dodd-Frank's overregulation of the financial industry has made it the 'Obamacare' of the financial sector," added Bachmann. We need true reform to address the cause of the financial meltdown -- Fannie Mae and Freddie Mac. For this reason, I was the first member of Congress to introduce a bill to repeal Dodd-Frank."
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