Rep. Michele Bachmann (MN) has introduced HR 87, legislation drafted to repeal the Dodd–Frank Wall Street Reform and Consumer Protection Act, one of the most far-reaching legislative items of the previous Congress. “I’m pleased to offer a full repeal of the job-killing Dodd-Frank financial regulatory bill. 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," said Rep. Bachmann.
The Dodd–Frank Act (HR 4173) was signed into law by President Barack Obama on July 21, 2010. HR 4173 was originally drafted on Dec. 2, 2009, in the U.S. House of Representatives by Rep. Barney Frank, and in the Senate Banking Committee by Sen. Chris Dodd. Due to Rep. Frank and Sen. Dodd's involvement with HR 4173, the conference committee voted to name the bill after the two members of Congress.
“Dodd-Frank also failed to address the taxpayer-funded liabilities of Fannie Mae and Freddie Mac," said Rep. Bachmann. "Real financial regulatory reform must deal with these lenders who were a leading cause of our economic recession. True reform must also end the bailout mindset that was perpetuated by the last Congress. I am proud to work towards repeal of Dodd-Frank because Congress must protect the taxpayers, instead of handing out favors to Wall Street.”
Rep. Bachmann’s legislation has been endorsed by the Club for Growth and Americans for Prosperity. Original co-sponsors include Rep. Darrell Issa (CA) of the Committee on Oversight and Government Reform, Rep. Todd Akin (MO), Rep. Tom McClintock (CA) and Rep. Bill Posey (FL).
For more information, visit http://bachmann.house.gov.