CHOICE act will punish financial fraud, bad actors

by Roger Williams 

Economists at a prominent think tank based in Washington, D.C. last week reported that a full repeal of the Dodd-Frank Wall Street Reform and Consumer Protection Act would boost the economy by one percent and generate $340 billion in federal revenue over a 10-year period.

Dodd-Frank, as it is called for short, was passed by the Democrat controlled Congress and signed into law by President Obama in 2010. At more than 2,000 pages, the law is the most sweeping financial regulation enacted since the Great Depression era.

It was sold to the American public as a Washington crackdown on greedy Wall Street banks that put the U.S. economy into a tailspin. Crafty messaging professionals created an advertising gimmick in the title of the law itself.

 

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