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Tuesday, January 8, 2013

Bachmann seeks repeal of Dodd-Frank

Rep. Michele Bachmann, R-Minn., a long-time critic of the Wall Street Reform and Consumer Protection Act of 2010 (known as Dodd-Frank Act), reintroduced a bill to repeal that legislation on Jan. 3, 2013 – the same day she was sworn in for her fourth term in Congress.

The bill, H.R. 46, was referred for consideration to eight House Committees with jurisdiction over provisions in the legislation: the committees on Financial Services, Agriculture, Energy and Commerce, the Judiciary, the Budget, Oversight and Government Reform, Ways and Means, and Small Business.

Protection or destruction?

The legislation was sponsored by Rep. Barney Frank, D-Mass., and Sen. Chris Dodd, D-Conn., and passed into law in 2010. Bachmann called the law the "Jobs and Housing Destruction Act" when she addressed the Charlotte, N.C. Chamber of Commerce in September 2011.

"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 house ownership," she told the Chamber. "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." end of article

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