House Financial Services Committee Aims Axe At Dodd-Frank Act

The House Financial Services Committee will take aim at the Dodd-Frank Act this Wednesday by voting on legislation that its GOP leadership says will reduce the federal deficit by $35 billion.

The committee's deficit reduction package consists of four proposals: ending the Dodd-Frank Act's ‘Too Big to Fail’ Bailout Fund (a projected $22 billion reduction); eliminating the Home Affordable Mortgage Program (a projected $2.8 billion cut); making the Consumer Financial Protection Bureau (CFPB) ‘subject to the appropriations process in order to bring accountability and oversight to the CFPB's spending’ (a $5.4 billion projected savings); and reauthorizing the National Flood Insurance Program for five years and ‘instituting reforms’ to the program (a $4.9 billion projected savings).

‘Our deficits and debt are a threat to both our economic security and our national security,’ says says Rep. Spencer Bachus, R-Ala., the committee chairman. ‘Congress has an obligation to make tough choices that cut spending, reduce the deficit and do so in a way that does not imperil our nation's defenses.’

(Photo courtesy of Film Threat)


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