Obama to regulators: Can we please get this Dodd-Frank show on the road?

posted at 9:21 pm on August 19, 2013 by Erika Johnsen

As The Hill so aptly reminded us this morning, President Obama has overseen a “dramatic expansion of the regulatory state” and that the Code of Federal Regulations “has ballooned from 71,224 pages in 1975 to 174,545 pages last year,” further “solidifying the power of bureaucrats who churn out regulations that touch nearly every aspect of American life and business.”

But don’t you worry, ’cause he’s just getting started.

I bemoaned shortly after the election last November that President Obama’s second term meant the strengthened staying power of the Dodd-Frank and all of its accompanying uncertainty and economic damage — and despite his first term of heavy big-law helping to keep the economy in stagnation mode, he’d really like his financial team to get a move on, if you don’t mind. Via the Financial Times:

Barack Obama urged the top US financial regulators to speed up the implementation of regulations associated with the 2010 Wall Street reform bill, which have stalled amid disagreements between agencies and intense lobbying by big banks. …

“The president commended the regulators for their work but stressed the need to expeditiously finish implementing the critical remaining portions of Wall Street reform to ensure we are able to prevent the type of financial harm that led to the Great Recession from ever happening again,” the White House said after the meeting. …

Detractors of Dodd-Frank, especially Republicans in Congress, mocked Mr Obama’s efforts to nudge regulators towards completing their work.

“Dodd-Frank is a complex piece of legislation that is harmful to our floundering economy and in dire need of repeal,” said Jeb Hensarling, chairman of the Financial Services Committee in the House of Representatives and a Texas Republican. “ A meeting between the president and an army of regulators will not strengthen America’s economy. What’s needed to give Americans the healthier economy they deserve is greater personal financial opportunity, prudent capital and liquidity standards, greater transparency and market discipline,” Mr Hensarling added. …

Indeed. President Obama and his fellow liberal populists are exceedingly fond of blaming the entire financial crisis on those big, greedy banks and playing the role of the Great Tamers of Wall Street, but they always somehow neglect to mention the role played by a wildly, intrusively huge federal government that created perverse incentives and tampered with market signals. But, whatever — more major unilateral regulatory moves, please! Just what the economy needs!


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More proof why the GOP needs to keep the House and win the Senate in 2014.

We need to reduce this filthy worthless human being and his equally worthless party to second-rate status when it comes to national policy and law.

Happy Nomad on August 19, 2013 at 9:25 PM

Rand Paul is wrong – he said this morning that “obama doesn’t fundamentally understand the separation of powers”.

He does, but fancies himself Mugabe.

Perfect depiction

Schadenfreude on August 19, 2013 at 9:31 PM

Can`t we just wipe out all regulations on the books and replace it with 1.) Don`t pollute 2.) Don`t screw your customers and 3.) Pay your taxes?

I know, what was I thinking? Things might actually get done `round here.

ThePrez on August 19, 2013 at 9:32 PM

But the President just last month threatened banks with the Community Reinvestment Act! There must be some confusion here, of the quote is accurate, and he really does want to prevent a reoccurrence of “the type of financial harm that led to the Great Recession from ever happening again”. He is requiring bad mortgages be knowingly created yet again. Also, is the Fed being severely restricted in its activities? No.

So its obvious the President has no idea what led to the Great Recession. Just as he is ignorant of how to get out of it.

MTF on August 19, 2013 at 9:32 PM

Dodd-Frank should have resulted in ________, where ________ is an activity that when advocated results in __________.

Murphy9 on August 19, 2013 at 9:33 PM

More proof why the GOP needs to keep the House and win the Senate in 2014.

We need to reduce this filthy worthless human being and his equally worthless party to second-rate status when it comes to national policy and law.

Happy Nomad on August 19, 2013 at 9:25 PM

I know you are just trying to be happy, Nomad but I ain’t real impressed with the House as it now stands.

arnold ziffel on August 19, 2013 at 9:38 PM

…P O S !

KOOLAID2 on August 19, 2013 at 9:38 PM

Ted Cruz should run on this platform – on day one, with the stroke of your pen, undo all the executive orders obama signed.

Schadenfreude on August 19, 2013 at 9:44 PM

Eff it. The Repubes need to sue the ever-loving crap out of Obama for delaying parts of ObamaCare on his own. THEN, let the whole truckload of ObamaCare kick in next year.

Along with that, DoddFrank kicks in at the same time, first of next year.

And finally, lets see what happens with WW3 that’s just now beginning to warm up in the middle east, and with that, $10/gallon gas.

FLY HER APART THEN!

Meople on August 19, 2013 at 9:46 PM

Ted Cruz should run on this platform – on day one, with the stroke of your pen, undo all the executive orders obama signed.

Schadenfreude on August 19, 2013 at 9:44 PM

Like 1000 lawyers on the bottom of the sea is a good start that would be a good start. He actually should undo all executive orders period.

chemman on August 19, 2013 at 9:47 PM

Obamacare is a shit sandwich
Dodd-Frank is a shit sandwich.
Bernanke is just shit.
Geitner is just shit.
Obama is just shit.
Kerry is just shit.
Hillary is just shit.
Moniz is just shit.
Democrats have the anti-midas touch.

Murphy9 on August 19, 2013 at 9:48 PM

chemman on August 19, 2013 at 9:47 PM

Sounds good too.

Schadenfreude on August 19, 2013 at 9:49 PM

Obamacare is a shit sandwich
Dodd-Frank is a shit sandwich.
Bernanke is just shit.
Geitner is just shit.
Obama is just shit.
Kerry is just shit.
Hillary is just shit.
Moniz is just shit.
Democrats have the anti-midas touch.

Murphy9 on August 19, 2013 at 9:48 PM

Don’t be too harsh sir. There are some out there that have shit fetishes.

arnold ziffel on August 19, 2013 at 10:34 PM

Can`t we just wipe out all regulations on the books and replace it with 1.) Don`t pollute 2.) Don`t screw your customers and 3.) Pay your taxes?

I know, what was I thinking? Things might actually get done `round here.

ThePrez on August 19, 2013 at 9:32 PM

How about we repeal every law and regulation which, after a careful reading, is simply a restatement of one or more of the Ten Commandments?

This should eliminate the Department of Redundancy’s Department of Redundancy…and allow us to do without at least 100,000 Federal bureaucrats.

Then we can do the same to each State…

landlines on August 19, 2013 at 10:58 PM

Read an interesting article last week about Dodd’s Sweetheart Lender, Countrywide.

Corruption 101.

To speed things along in one market, they found a crooked appraiser who performed magic. He completed 400 appraisals a month, or about a dozen a day.

When they later checked his “work files”, they found that he had scheduled one appraisal “inspection” for 12:00 noon on a given day, and magically then did another “inspection” of a property across town at 12:01 PM the very same day.

If I can find the link to the story I’ll post it. Needless to say, Dodd’s friends at Countrywide had absolutely no interest in responsible lending. But that’s all Bush’s fault, of course!

Del Dolemonte on August 19, 2013 at 11:52 PM

Obamacare is a shit sandwich
Dodd-Frank is a shit sandwich.
Bernanke is just shit.
Geitner is just shit.
Obama is just shit.
Kerry is just shit.
Hillary is just shit.
Moniz is just shit.
Democrats have the anti-midas touch.

Murphy9 on August 19, 2013 at 9:48 PM

Don’t be too harsh sir. There are some out there that have shit fetishes.

arnold ziffel on August 19, 2013 at 10:34 PM

Clay Davis….The Wire

williamg on August 20, 2013 at 12:05 AM

Does this guy ever have a good photo when he thinks no one is looking?
He looks like the Devil Incarnate in this one.

avagreen on August 20, 2013 at 7:20 AM

…to ensure we are able to prevent the type of financial harm that led to the Great Recession from ever happening again,” the White House said after the meeting.

Idiot. He and his party, not to mention Bush and his party, are to blame for the “financial harm that led to the Great Recession”. Typical idiot leftist who thinks government can spend and spend and spend with no negative consequences from all that spending. Or consequences from regulatory programs like Dodd-Frank.

rickv404 on August 20, 2013 at 8:14 AM

As I keep saying, this piece of legislation may actually be worse long term for America than Obamacare. This is one giant crapfest. The good news is that it’s more easily fixed and repealed than the healthcare clusterf**k as it doesn’t have the weight of “a whole new social program” behind it.

Chris of Rights on August 20, 2013 at 8:58 AM

Dodd-Frank is a huge steaming pile of “law.” I am a manufacturer, and somehow this financial regulatory bill makes us categorize and report if our raw materials come from conflict nations. Good grief I hate liberals so much.

Free Indeed on August 20, 2013 at 9:48 AM

Ted Cruz should run on this platform – on day one, with the stroke of your pen, undo all the executive orders obama signed.

Schadenfreude on August 19, 2013 at 9:44 PM
Not against this as a practical matter, but politically our ideas have to be bigger than theirs. So, Obamacare and Dodd-Frank become irrelevant in the conservative scheme of things. The problem with vituperation on these subjects is that it sets us up as reacting and not directing events.

Truly, Obamacare is an irrelevant effort, because healthcare in this country was not an emergency to begin with. The economy was.

Dodd-Frank was another piece of misdirection because it has done nothing but depress the financial sector. Real-estate is only recovering because people are buying with cash. The only reason they are doing that is because the returns from elsewhere are terrible. At least with real-estate, you don’t lose everything.

Immigration is another issue for which the solutions offered just make the core problem worse while further straining the economy. All that was required was more enforcement.

Democrats are sitting-ducks on unemployment. They should be squealing like stuck-pigs under opposition crtiticism now.

So, of course, all Obama-inspired laws, regulations and orders must be withdrawn, but we don’t get the chance if we don’t have a bigger story than that. Half of the population cannot figure out the conflict between liberal policy and its economic reality.

virgo on August 20, 2013 at 10:38 AM