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Six Years Later, Dodd-Frank Continues to Undermine Consumer Choice and Freedom

posted July 21, 2016

Thursday, July 21, 2016 – Washington, D.C. – US Consumer Coalition (USCC) President Brian J. Wise issued the following statement today on the sixth anniversary of the Dodd-Frank Act being signed into law:

“Dodd-Frank has become the poster child of government interference in the U.S. economy. Compliance costs have skyrocketed and consumers have less choice and less freedoms in the marketplace thanks to this single piece of legislation.

“The law’s most significant achievement – the creation of the Consumer Financial Protection Bureau (CFPB) – is emblematic of nanny state government, infringement of consumer privacy, and a lack of transparency and accountability that is nothing to celebrate.

“On this sixth anniversary, the U.S. Congress must pass reform legislation to establish a bipartisan commission to govern the CFPB, instead of a single, unelected bureaucrat. The CFPB must also be subject to the Congressional appropriations process so it can be held accountable.

“Doing that just might give us a consumer watchdog that truly respects consumer choice and freedom. For now, it seems consumers need protecting from the consumer protector.”

The US Consumer Coalition (USCC) is a consumer advocacy organization that promotes expanded consumer choice, responsible regulation of consumer-facing industries, fair market conditions, and consumer freedom.

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