Rep. Michele Bachmann, R-Minn., has introduced legislation to repeal the massive and widely criticized Dodd-Frank financial reform measure that President Barack Obama had signed into law. Bachmann, who made the move shortly after being sworn in for her third term, assailed the law protecting Wall Street at the expense of taxpayers.
“I’m pleased to offer a full repeal of the job-killing Dodd-Frank financial regulatory bill,” Bachmann said. “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.”
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which Obama signed into law in July, represented the most extensive overhaul of financial regulations since the Great Depression. The law, which was named for its two sponsors, former Sen. Chris Dodd, D-Conn., and Rep. Barney Frank, D-Mass., was passed along party lines in response to the financial crisis that began in 2007.