Washington Got Cause of
 Financial Crisis Wrong

Statement

The Dodd-Frank Act not only failed to respond effectively to the 2008 financial crisis, but it also created a host of new problems and lays the groundwork for the next financial crisis, a House subcommittee heard from witnesses on Wednesday.

The Financial Services Subcommittee on Oversight and Investigations, chaired by Rep. Sean Duffy (R-WI), held the hearing to examine assumptions about the cause of the 2008 financial crisis that resulted in passage of the Dodd-Frank Act and its accompanying regulatory burdens.

 "Those who supported Dodd-Frank have been more concerned with helping special interests in Washington than their constituents back home and the proof is in the numbers. Fewer people have returned to the work force than in any other modern recovery. Our community banks are closing every week, main street lenders are being slowly euthanized and the number one cause that I hear from people in Wisconsin is the excessive regulatory burden imposed by this administration. Dodd Frank is a major cause of that burden," said Chairman Duffy. 

"Dodd-Frank's crushing regulatory regime continues to keep people out of work, prevent businesses from hiring and makes it harder for my constituents to get the loans they need to finance the expansion of their business or buy their first home," he added.



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