Congressman Woodall recognized the one-year anniversary of the passage of the "Dodd-Frank Wall Street Reform and Consumer Protection Act," a law commonly referred to as "Dodd-Frank," by issuing the following statement:
"At 2,300 pages long, this legislation was a misguided attempt to address the perceived causes of the 2008 Financial Crisis. Rather than foster economic growth, job creation, and American entrepreneurial spirit, Dodd-Frank has added two things our fragile economy doesn't need: (1) overreaching and excessive regulations and (2) yet another Federal bureaucracy, the Consumer Financial Protection Bureau (CFPB)."
"Government involvement in the housing industry caused much of the 2008 financial crisis. For example, the Federal Reserve kept interest rates at or near historical lows, providing an environment of cheap money. Fannie Mae and Freddie Mac, through their "guarantee" of the mortgage market, helped fuel dangerous speculation in the mortgage backed securities. After more than two and a half years of big government policies from Washington, our economy remains fragile, job growth remains slow, and private capital remains on the sidelines ever fearful of additional onerous regulation. The last thing we need is more government."
"I applaud my colleague Representative Sean Duffy (R-WI) for introducing H.R. 1315, a bill that will curtail the CFPB's efforts to structure itself with a czar-like director wielding unprecedented power. Though I would have preferred to terminate the CFPB outright, I was proud to join many of my colleagues to at least ensure that the CFPB will be restructured."
"As we work towards freeing the burdened American economy, today's vote was a small but meaningful step in that effort."