Its onerous, unaccountable regulations are attracting more opposition.
‘For some reason, some Republicans in Congress are still waging an all-out battle to delay, defund, and dismantle these commonsense new rules.” That was, in a recent weekly address, President Obama’s all-or-nothing defense of the 2,600-page Dodd-Frank financial-“reform” law rammed through Congress in 2010, just after Obamacare. Yet almost by the day, even members of the president’s own party are coming to realize Dodd-Frank is actually too tough on smaller financial institutions while institutionalizing too-big-to-fail protections for large ones.
Take this exchange last Friday on HBO’s Real Time with Bill Maher, not a place where you expect a conservative or libertarian critique of regulation. Certainly not from a Democratic officeholder. Yet listen (at 37:55; HBO subscription required) to the exact words of Montana’s outgoing Democratic governor Brian Schweitzer:
Banks that actually did their job like in Montana — where we didn’t have banks go upside down, because they made you bring your financials in and they’d only loan you money if they understood your business plan — now, they are the ones that are being penalized. They now have more regulation on them, and it’s more difficult for them to make the loans. The very banks that were doing their job are having a tougher time because of the banks that are too big to fail.
Fellow panelist Representative Darrell Issa (R., Calif.), the panel’s conservative voice, replied with a grin to Schweitzer, “I knew there was something I liked about you.”