Johnson: No Change to Dodd-Frank Law

Glad to see that Tim Johnson is making bold choices and doing the right thing–regardless of what people in power might think:

Senate Banking Committee Chairman Tim Johnson (D-S.D.) said in a hearing Tuesday he would counter any effort to repeal sections of the Dodd-Frank Act.

So the entire thing is a marvelous work of art?

Republicans in the House say the reform goes too far and rolled out several repeals in March, and later three more to dilute the powers of the newly created Consumer Financial Protection Bureau. Earlier in the year, Rep. Michele Bachmann (R-Minn.) attempted to repeal the entire bill.

But Johnson said such actions are “dangerous and irresponsible.” He said some of the repeals proposed would take the financial system back to the same weaknesses that exposed investors and taxpayers to uncertain risk.

Uncertain risk. I suppose that would be the opposite of the certain risk which has characterized financial markets since there were such things.

“We cannot allow Dodd-Frank to be dismantled,” Johnson said. “As costly as the Great Recession has been, we simply cannot afford to go back to the old financial system that destroyed millions of jobs and cost the economy trillions of dollars. Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act to address these problems, and it must be fully and carefully implemented.”

Interesting choice of terms. It would seem as though he is admitting that the “Great Recession” was created in part by these new policies. He also conflates a bill which was “enacted … to address these problems” with the actual addressing of the problems.

No hope or change here. Move along, please.