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Larry hello welcome Toby Smith -- for David -- you know it was one year ago with great fanfare I might -- the Dodd-Frank.
Wall Street reform and consumer protection act of 2010.
Was site in the law right but a year later took rhetoric why why isn't banking system now at higher risk than it was then.
-- -- Republican congressman John Duffy is asking in today's op Ed in The Washington Times and let's ask him now.
Representative -- think I read the article -- I want to tip my cards here but.
Why is -- asked how could we be more at risk today.
That a year ago when we were you know just getting out of the toy -- -- -- -- -- -- The rules that are are trying to be implemented from Dodd-Frank aren't making our system more -- and more safe and I -- a bill before today.
That is actually trying to reform.
The way that consumer financial protection bureau was one of the key components Dodd-Frank.
And now I just came over here off the floor and you'd be amazed at the resistance.
That we're getting from the other side.
Just and includes some accountability.
Well include voice is not just on on the walls isn't it also on the community banker side in credit unions -- Well I mean in fact.
The committee of to run this Dodd-Frank thing would all be unelected bureaucrats right so first off we've already -- that secondarily.
They say that where you know we're never gonna have to help anybody -- you know there's -- -- be no bail -- but yet we're bail -- out you know Fannie and -- not a 150 billion dollars so.
So this really is an absurd it you know like.
I don't like come -- act you know we're we're pretending there's -- like a good movie theater but it's not.
Hey it's not working and we get the bill is so large -- present.
One of the problems that are banks are facing as.
That they don't adding new regulation and take old ones away.
What they do here is it is at a more regulation -- the regulation that already existed and what happens is it makes it more difficult.
For banks to make loans they take people off the -- put -- -- compliance duty.
And what it does is it increased the cost of -- makes it harder to get addicted to to get loans out to people who actually need them we're trying to steal -- and streamline this process.
One compete key component -- -- -- consumer finance that's you know as.
They've set it up with the director with a lot of power.
Police say listen I mean let's not include all the power in -- one sponsorship let's have a bipartisan commission of five people.
Let's have them run this agency that has so much -- so we have some balance when it -- agency that.
Going yet but we like to have star's parents -- you know this is a czar right I.
I'm confused by.
You know almost everything from it but.
I guess the one -- that when the one part of that we're going to do was they were gonna act.
Actually get rid of this -- derivatives mess right and make it so we would never again have to write a seventy billion dollar check.
For unknown derivatives that cover unknown bags -- -- I go to the bill.
It -- -- I can't read they actually are implicitly guaranteeing derivatives which was the exact opposite of what they were trying to do.
You you're you're absolutely right and I think what happens is when you try to ram through this much -- regulation is 400 rule makings.
In this Dodd-Frank bill you're bound to make mistakes and big mistakes and I think all listeners that listen.
With the financial crisis that happened a couple of years ago there are lessons -- -- learn.
And from those lessons we should modify the way we do business.
-- I think what's happened here is they've taken the opportunity.
Of a crisis.
To ram through far more regulation that isn't actually gonna help -- the end consumer helped jumpstart our economy is still putting people back to right.
You know that is still have more regulation direct you you know the number one the bottles entire problem was way too much leverage and -- didn't think about the leverage never too.
You look at that -- less than -- credit scores today the United States and look at their cost of borrowing or their availability of credit.
And now it's down 25%.
Now maybe there's people we should know that money -- I can understand that.
But for people who don't have a perfect fight -- score because of the costs in ambiguity in this thing.
There interest rates have gone up some people are paying 25% on the Visa card.
And where they're paying 12% before is that an improvement.
And I think all of us would agree know what is not.
It is just want another sign that these kind of reforms that are ran through that are so expansive.
Don't actually accomplish the -- one of the issues that we have we continually hear what -- certainly in the marketplace.
Well in the financial sector there's so much time certainly because.
Not nearly all the rules are written felt for years to come in and -- -- -- wondering what kind of oppressive regulation well come from Washington Connors -- with that.
Yeah I I appreciate your time -- accident as I tell you right -- Only fifty out of looked at 300 rules have actually been coming -- and it's they have been time right out of 400 you know what we're doing -- -- to make sure we streamline its approach and make the world the American people when your great American actress Cineplex dot decide -- was created.
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