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South Carolina attorney general Alan Wilson on challenging the parts of Dodd-Frank that are unconstitutional.
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Bureaucrats and and -- further you know the economic policy when you look at why they created Dodd-Frank was to try to avoid a 2008 financial crisis from ever happening again.
If you look it up.
This -- 4300 page a wallet no point 1300 pages as it ever do anything to address the problems inherent in Fannie Mae and Freddie Mac have found that awfully interest in.
And that of course has been a bone of contention with a lot of people as when Dodd-Frank first came out he a lot of small business is also complaining about it because of the the until rules and regulations it's like sarbanes Oxley all over again but many are also out there saying that it -- done some good.
The consumer financial protection -- your -- but for one hasn't.
Brought something -- light for the little people don't -- great.
Well listen even a broken clock is right twice today I'm not -- say there's no good can come out of a -- like Dodd-Frank bill when you look at it from a big picture.
What it basically does is we look at the CF PB and that's less on the private plaintiffs are concerned.
Is that it's going to chase capital away from community banks and chase that scares fungible capital too big too big to fail banks cell Wall Street.
It's going to be very difficult for small community banks that comply with the thousands and thousands of pages of regulation that Dodd Frank's gonna require them.
Every dollar that a local banks -- -- compliance officer or a lawyer.
Is a one dollar -- less is making make loans to small business people or people trying to buy their first home.
This is going to crush it hurts small banks if we don't stop it now.
Right and I think again allowed -- Many of the rules -- that will be implemented through Dodd-Frank will hurt small businesses.
What are you hoping to do then.
With Oklahoma.
With -- -- can get rid of the entire Dodd-Frank bill altogether or just pieces of it.
Well that the states are challenging Dodd-Frank specifically only to be orderly liquidation authority that's title to their some private pop plaintiffs that are partners with us in this search challenging title one entire -- ten which is the Consumer Financial Protection Bureau we obviously -- those -- struck down because we believe.
The does violate the constitution.
Now there -- parts of the wall that I think are bad policy are going to hurt our economy but they're not unconstitutional.
So you know -- -- the challenge something just cause I disagree with it there has to be a constitutional issue.
With that specific law.
Yet and this certainly has -- South Carolina attorney Jan not Alan Wilson thanks for being with us and sharing your thoughts.
