Dodd-Frank's real-world impacts continue to harm consumers

The Oklahoman

The Dodd-Frank financial reform law was enacted in 2010 to, supposedly, keep the mistakes of large financial institutions from producing a recession. Five-plus years later, “too big to fail” institutions are doing fine, but smaller banks and consumers are not.  That’s not a new observation, but it was again reinforced by new research released by the American Action Forum, a center-right policy institute. AAF concluded that Dodd-Frank has led to a 14.5 percent drop in consumer revolving credit (such as credit cards) since 2010.  “Dodd-Frank’s $30 billion in final regulatory costs and 72 million hours of paperwork must be borne by someone and will likely have effects throughout the economy,” the AAF report states. “Based on the latest research, it appears consumer credit access is taking a substantial hit.”.......Due to Dodd-Frank, citizens have fewer financial institutions to choose from, less overall access to credit, and higher costs when they do access credit.  Dodd-Frank’s real-world impacts have consistently been the opposite of what its backers predicted. The case for repealing this bad law grows stronger by the day, while justifications for preserving it become ever more laughable.

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