House Republicans Focus on Undoing Dodd-Frank Law

The Republican-controlled House Financial Services Committee plans to work this month on taking apart the Dodd-Frank financial reform law.

The 2010 legislation imposes excessive rules on both financial service companies and consumers, committee Republicans say, according to The Hill.

"With this month marking the second anniversary of passage of the Dodd-Frank Act, the Financial Services Committee is focusing attention throughout July on the burdens this law's 2,300 pages and more than 400 new rules layer on American companies, financial markets, and consumers," they said in a statement this week.

"Supporters of Dodd-Frank sold it to the public as 'tough Wall Street reform,' but in reality its red tape hurts businesses and small-town banks far from Wall Street that had nothing to do with the 2008 financial crisis."

The committee will conduct at least two hearings on Dodd-Frank next week.

One will be held Tuesday by the panel's subcommittee on Capital Markets and Government Sponsored Enterprises. The hearing is titled, "The Impact of Dodd-Frank on Customers, Credit and Job Creators."

The second comes Wednesday and will be conducted by the subcommittee on Financial Institutions and Consumer Credit. It’s titled, "The Impact of Dodd-Frank's Home Mortgage Reforms: Consumer and Market Perspectives."