U.S. Representative Ed Royce (R-Calif.) released the following statement on the fifth anniversary of President Barack Obama’s signing of the Dodd–Frank Wall Street Reform and Consumer Protection Act:
“Aside from enshrining too-big-to-fail, the Dodd-Frank Act ignored the root of the financial crisis by failing to address the duopoly of Fannie Mae and Freddie Mac. Five years later, the government dominates an unstable secondary mortgage with taxpayers at risk of being tapped for a bailout should we see another downturn. The legacy of Dodd-Frank should be judged not just by what was included in it, but also what was left out of it. Policymakers owe it to the American people to wind down the GSEs before recent history repeats itself.”
Rep. Royce served as one of the conferees assigned to reconcile differences between the House and Senate versions of the Dodd-Frank Act. He voted against both the House version of the bill and the Joint Conference Committee report that passed the House on June 30, 2010. President Obama signed the Dodd-Frank Act into law on July 21, 2010.
Rep. Royce is a senior member of the House Financial Services Committee, with membership on both the Capital Markets and Government Sponsored Enterprises Subcommittee and Housing …read more
Source:: U.S. Rep. Ed Royce