Senators Ask Regulators to Slow Down Dodd-Frank

In noting the unprecedented scope and potential long-range effects of the Dodd-Frank Act, several Republican lawmakers have sent a letter to federal regulators asking for 60 days for meaningful public debate and intense scrutiny. According to HousingWire, some members of the business community have already objected to parts of the regulation, saying it will dampen growth and employment. Signed by Sen. Richard Shelby (R-Ala.), a ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, the letter said: “”The rules adopted under the Dodd-Frank Act will have a long-term effect on economic growth; they will affect how consumers and businesses obtain credit, allocate capital and manage risk.” National Association of Realtors (NAR) President Ron Phipps has asked Congress to lessen the more stringent mortgage underwriting standards in order to encourage home sales.

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