The House Republican budget for fiscal 2016 seeks to defund many liberal-supported programs and laws, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, reported The Huffington Post.
The Republican budget calls for the repeal of the Affordable Care Act, gutting welfare programs, and seeks to kill Dodd-Frank and all the consumer protections it creates. Republicans have tried many times in the past to dismantle Dodd-Frank under the guise that the law hurts financial institutions and stifles the economy.
According to House Budget Committee Chairman Tom Price (R-GA), the 2016 proposal will make “great strides in repealing onerous policies enacted under Dodd-Frank that are hurting financial institutions big and small.”
Dodd-Frank was implemented in 2010, two years after the economic crisis caused by the banks. The key provision of Dodd-Frank protects Americans from the government using their tax dollars to fund massive bailouts. It basically states that consumers shouldn’t have to pay for Wall Street’s irresponsible and reckless behavior.
Because Republicans haven’t held a majority in both chambers of Congress since 2007, any attempt at repealing Dodd-Frank has been unsuccessful. Now that the GOP controls the House and Senate, it’s likely that the 2016 budget will make it to Obama’s desk. However, it’s just as likely that the budget won’t make it past Obama’s desk.
The GOP’s 2016 budget also seeks to privatize housing financiers Fannie Mae and Freddie Mac; both of which were obtained by the federal government in 2008 while on the brink of financial ruin.
If nothing else, the Republicans are relentless in their pursuits. Sadly, their goal is to weaken regulations created to protect consumers in the name of pro-corporate interests.