Compliance January 7, 2011
U.S. Representative Introduces Bill to Repeal Dodd-Frank
Representative Michele Bachmann (R-Minnesota) has introduced new
legislation, H.R. 87, to repeal the Dodd-Frank financial reform bill.
Reported by PLANADVISER staff
“Dodd-Frank grossly expanded the federal government beyond its jurisdictional boundaries. It gave Washington bureaucrats the power to interpret and enforce the legislation with little oversight,” Bachmann said in a press release. “Dodd-Frank also failed to address the taxpayer-funded liabilities of Fannie Mae and Freddie Mac. Real financial regulatory reform must deal with these lenders who were a leading cause of our economic recession.”
The financial reform bill signed into law last July included additional rules pertaining to investment advisers (see “Advisers Should Take Note of Financial Reform Bill Provisions“) as well as corporate governance provisions (see “Companies Need to Prepare for Pay and Governance Rules“).