Repeal of Dodd-Frank Act “Terrible Mistake”

This story appeared in Bank Digest.

In his weekly address, President Barack Obama “called out” the Republican leadership in Congress for vowing to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act. Obama calls repeal of the Dodd-Frank Act a “terrible mistake.” He added, “Our economy depends on a financial system in which everyone competes on a level playing field, and everyone is held to the same rules—whether you’re a big bank, a small business owner, or a family looking to buy a house or open a credit card. And as we saw, without sound oversight and common-sense protections for consumers, the whole economy is put in jeopardy. That doesn’t serve Main Street. That doesn’t serve Wall Street. That doesn’t serve anyone. And that’s why I think it’s so important that we not take this country backward—that we don’t go back to the broken system we had before. We’ve got to keep moving forward.”