Friday, July 6, 2012
July 2012 marks the second anniversary of the signing of the Wall Street Reform and Consumer Protection Act of 2010, also known as the Dodd-Frank Act after the authors of the 2,300-page legislation, Rep. Barney Frank, D-Mass., and Sen. Chris Dodd, D-Conn. To mark the occasion, the Chairman of the House Financial Services Committee, Rep. Spencer Bachus, R-Ala., scheduled a number of hearings to examine the effects of this legislation on the economy, jobs, housing and credit.
When he announced the hearings, Bachus said President Barack Obama has not delivered on the promise that the law would provide certainty to businesses and consumers. "The layers of red tape Dodd-Frank piles on our economy cause more uncertainty for American Businesses and hinder their ability to grow and create jobs," Bachus said.
The amendment to the Dodd-Frank Act, written by Sen. Richard Durbin, D-Ill., that caps debit card interchange fees is not specifically mentioned as a topic of any hearing. However, the Durbin Amendment is nonetheless expected to come up frequently in discussions of the legislation's impact on consumers, businesses and financial institutions.
The hearings ahead
Six hearings are scheduled during July 2012 as follows (times are all EDT):
Committee hearings are scheduled tentatively depending on witness availability and other reasons that may require hearing delays or cancellations. For additional information, go to The Committee on Financial Services website financialservices.house.gov .
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