During a telephone town hall meeting that Congressman Don Beyer had with his constituents, Beyer was asked what — if anything — him and his fellow Democrats could do to block the repeal of Dodd-Frank. This is an important issue because Trump and the GOP have come out in favor of repealing the legislation.
Here is a transcript of his answer. For the audio of this question and the entire town hall, you can follow this link. Also, hat tip to Lowell over at Blue Virginia for posting the link to the audio and giving his analysis of the full town hall.
Rep Beyer: This is a place where we’re just going to have to argue, and write, and speak as loudly and forceably as we can.
There are certainly going to be ways, after Dodd-Frank now being in place for a couple years, where there can be tweaks. You can increase or decrease the number of days and there may be some small regulations that don’t make sense.
The danger with doing small amendments is when they come in and overthrow the whole thing. And Trump’s on record, President-elect Trump’s on record, as wants to repeal all of Dodd-Frank. That would be a disaster.
We came through the Great Recession, the biggest thing since the Depression, and there are many, many things to be fixed. Including the huge overleveraging many of our biggest financial institutions: banks and insurance companies. And also the notion of creating so many interesting, diverse, almost phantom, financial instruments that get you great dilema.
I’m sure you saw the movie the Big Short, which was terrifying about how a bubble can built on essentially nothing, which has the potential for taking down the entire economy.
In my previous life I was a automobile dealer. We lost 2,000 out of 20,000 car dealers in one year on the basis of that. I don’t say that because I’m a champion of cars dealers. But rather those were family businesses with mechanics, and salespeople, and bookkeepers, and car wash that all lost their jobs. And it was all driven on not having a Dodd-Frank and the ability to have financing. So this is a really important bill
Also, this is the bill that set up the Consumer Financial Protection Bureau, the CFPB. And again and again, they’re uncovering…. they uncovered the Wells Fargo problem. In the Post this morning, they uncovered and attacked this issue on giving people just pennies on the dollar for their claims for having suffered poison, brain damage even, from the lead in Baltimore. So this is a really essential thing that we preserve it.