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Friday, July 6, 2012

Dodd-Frank faces congressional scrutiny

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):

  • Tues., July 10: The Subcommittee on Capital Markets and Government Sponsored Enterprises will assess the impact of the Dodd-Frank Act on job creators, credit and financial institution customers at 10 a.m.

  • Wed., July 11: The Subcommittee on Financial Institutions and Consumer Credit will look at the effect of the Dodd-Frank Act on mortgage lending at 10 a.m.

  • Wed., July 18: Federal Reserve Chairman Ben Bernanke will deliver the semiannual "Monetary Policy Report to the Congress" to the House Financial Services Committee at 10 a.m.

  • Thurs., July 19: The Subcommittee on Oversight and Investigations will look at how Dodd-Frank Act regulation impacts jobs and the economy at 10 a.m.

  • Thurs., July 19: The Subcommittee on Financial Institutions and Consumer Credit will discuss the Dodd-Frank Act and consumers in a hearing examining the Consumer Financial Protection Bureau at 2 p.m.

  • Fri., July 20: The Subcommittee on Capital Markets and Government Sponsored Enterprises will take testimony on the impact of the Dodd-Frank Act on municipal advisers at 10 a.m.

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 . end of article

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