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Fact check: Do all the Republican presidential candidates support the repeal of Dodd-Frank?

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January 20, 2016
By Charles Aull

Democratic Senator Elizabeth Warren took a swing at the Republican presidential candidates last week over their stances on financial regulations. In a Facebook post from January 6, she wrote:[1]

In 2014, the Fed and FDIC reported that 11 of the big banks were still so risky that if any one of them started to fail, they’d need a government bailout or risk taking down the American economy – again. But today, the Republicans running for President claim they will repeal all the new financial regulations – hoping that they will be chosen as Wall Street’s favorite candidate.[2]

Is that true? Do the Republican candidates running for president want to repeal “all the new financial regulations”? To find out, we researched where all 11 major Republican presidential candidates stand on the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, arguably one of the most significant pieces of financial regulatory law in recent history. From what we were able to learn about the candidates' stances on this law, we believe that the Republican presidential field’s views on new financial regulations are more complicated than Warren let on. Some do support fully repealing Dodd-Frank, while others may only support a partial repeal. We also found one candidate's stance unclear.

Dodd-Frank

What is Dodd-Frank? Passed into law in 2010, Dodd-Frank was Congress and the Obama administration’s legislative response to the 2008 financial crisis. The larger goal of the law, which was named after sponsors Sen. Chris Dodd and Rep. Barney Frank, was to impose more stringent regulations on the financial sector—banks in particular—with the hope of minimizing risks and instability in the U.S. financial system, writes Amy Fontinelle at the finance website Investopedia.[3] Though the law itself has produced thousands of pages of rules and regulations (one study states the total rules could fill up 34 copies of Moby Dick) here we briefly point out two of the most significant provisions:[4]

1. The Consumer Financial Protection Bureau (CFPB). Dodd-Frank created several new regulatory agencies. One of the most well-known is the CFPB, which focuses on lending practices, including mortgages and credit cards. As Fontinelle writes, the CFPB aims “to prevent predatory mortgage lending.”[3] This involves requiring lenders to make lending-related paperwork more accessible and easier for borrowers to understand, prohibiting brokers from pushing borrowers toward the most profitable loans and controlling how much commission brokers can earn from fees and high-interest loans.[5]
2. The Volcker Rule. Named after former Federal Reserve Chairman Paul Volcker, the Volcker rule limits the ability of taxpayer-insured banks to engage in “speculative trading,” a form of financial trading that often juxtaposes sizeable gains against high risks, and prohibits “proprietary trading,” a form of trading in which banks “profit from the market rather than from commissions from processing trades.”[6][7] The Volcker rule is seen by some as a regulatory response to the "too big to fail" theory of U.S. finances.[5][3]

Dodd-Frank has been controversial since its inception—particularly among Republicans. It passed the House 237-192, with three Republicans voting in favor of it.[8] In the Senate, where it passed 60-39, it once again garnered the support of only three Republicans.[9] Dodd-Frank’s supporters have argued that the law is effective and necessary to prevent a financial crisis similar to the one in 2008. Those opposed to the law have argued that it is slowing economic growth, negatively affecting local and regional banks and hurting the ability of U.S. institutions to compete in the global economy. In the first five years of the law’s existence, congressional Republicans introduced 139 bills seeking to amend or repeal it.[4] Congress alone, it should be pointed out, has the authority to repeal Dodd-Frank.

Dodd-Frank and the Republican presidential field

Where do the Republican candidates for president stand on Dodd-Frank? Would they all push for its repeal if elected president? To answer this question, we combed through campaign websites, debate and interview transcripts, videos, and news articles. We learned that, in general, none of them like the law. In fact, most of them really dislike it. One candidate—Marco Rubio—stated that Dodd-Frank “is eviscerating small businesses and small banks.”[10] But we did not find evidence suggesting that all of them would call on Congress to repeal it if elected president. Instead, the situation is more complicated than that.

In the table below, we classified each candidate’s stance on Dodd-Frank as Full repeal, At least a partial repeal or Unclear. The last of these indicates that we could not find sufficient evidence to confirm what actions for or against Dodd-Frank the candidate would take if elected president. To be classified as Full repeal, we required a direct quote from the candidate in which they used the phrase “I would repeal Dodd-Frank” or a phrase akin to it. At least a partial repeal means that the candidate has called for repealing portions of the law, has called for the reform of the law or has been inconsistent in articulating their stance. We also included brief descriptions of their stances and the full quotes upon which we based our analysis. Our tally as of January 18, 2016, was as follows:

  • Full repeal: 6
  • At least a partial repeal: 4
  • Unclear: 1

Because of the large number of speeches and interviews given by Republican presidential candidates, we recognize that it is possible we overlooked statements on Dodd-Frank and/or other financial regulatory measures. We encourage our readers to email us at editor@ballotpedia.org if you find a statement that you think has some bearing on this list.

Jeb Bush

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Stance: At least a partial repeal

Additional Details: Bush has proposed repealing “significant portions” of Dodd-Frank. His website suggests he either wants to reform or repeal it, though on Twitter he has stated, “Regulatory reform starts with repeal of: Dodd Frank ...”

Ben Carson

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Stance: Unclear

Additional Details: Carson has proposed “reining in” the CFPB, but he supports “appropriate regulation.” We found no statement from Carson in which he explicitly voices his support for repealing Dodd-Frank.

Chris Christie

caption
Stance: At least a partial repeal

Additional Details: The evidence for Christie was mixed. We found no direct quote from him saying that he would repeal Dodd-Frank. One source stated that he supported the bill’s regulatory framework for large banks, but not for smaller ones.

Ted Cruz

caption
Stance: Full repeal

Additional Details: Cruz has called for the repeal of Dodd-Frank and the CFPB, in particular. He has stated that “reasonable regulations are needed.”

Carly Fiorina

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Stance: Full repeal

Additional Details: Fiorina has called for the repeal of Dodd-Frank and has said that we should “start again.” She has mentioned “reforming” a number of federal regulatory agencies responsible for the U.S. financial sector.

Mike Huckabee

caption
Stance: Full repeal

Additional Details: Huckabee has said that he would “get rid of Dodd-Frank.” He has also said there needs to be “some” regulation.

John Kasich

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Stance: At least a partial repeal

Additional Details: Kasich answered in the affirmative when asked if he would “roll back” or “change” Dodd Frank. “Roll-back,” we argue, could mean “repeal,” but it could also mean “lessen” or “weaken.” Kasich has expressed support for more effective regulation, saying, “the regulators need to bark. They need to not only bark, but bite when they see the big boys beginning to do things that are inappropriate.”

Rand Paul

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Stance: Full repeal

Additional Details: Paul has cosponsored legislation seeking to repeal Dodd-Frank. He proposed a budget in 2012 for FY 2013 that “defunded” and repealed Dodd-Frank and eliminated the CFPB. All evidence we found for Paul’s stance on Dodd-Frank predates his candidacy for president. We found no mention of a plan from Paul to replace Dodd-Frank with other regulations.

Marco Rubio

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Stance: Full repeal

Additional Details: Rubio has stated unequivocally, on several occasions, that he supports repealing Dodd-Frank. He has also said that he intends to replace it, though we could find no details on what that replacement might look like.

Rick Santorum

caption
Stance: Full repeal

Additional Details: Santorum has called for Dodd-Frank’s repeal and has said that it needs “to be redone.”

Donald Trump

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Stance: At least a partial repeal

Additional Details: Trump has said that “we have to get rid of Dodd-Frank,” and The Hill reports—without a direct quote—that he would "absolutely" repeal the law. On the other hand, he has also said that “there are aspects of it you could leave," and he has voiced support for the Volcker rule.

Conclusion

In a Facebook post from January 6, Elizabeth Warren wrote, “the Republicans running for President claim they will repeal all the new financial regulations.” To fact check this statement, we focused on finding out where the Republican candidates stand on the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. We argue that Warren’s post oversimplified things. While six candidates have stated unequivocally that they would support repealing the law, the evidence suggests that four others may only be interested in repealing parts of it, and the stance of one candidate was unclear.

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Launched in October 2015 and active through October 2018, Fact Check by Ballotpedia examined claims made by elected officials, political appointees, and political candidates at the federal, state, and local levels. We evaluated claims made by politicians of all backgrounds and affiliations, subjecting them to the same objective and neutral examination process. As of 2025, Ballotpedia staff periodically review these articles to revaluate and reaffirm our conclusions. Please email us with questions, comments, or concerns about these articles. To learn more about fact-checking, click here.

Sources and Notes

  1. Facebook page of Elizabeth Warren, January 6, 2016
  2. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
  3. 3.0 3.1 3.2 Investopedia, "What is the Dodd-Frank Act? How does it affect me?" accessed January 18, 2016
  4. 4.0 4.1 VolckerRule.com, "Five years of Dodd Frank," accessed January 18, 2016
  5. 5.0 5.1 American Bankers Association, "Executive Summary: Dodd-Frank Wall Street Reform and Consumer Protection Act," accessed January 18, 2016
  6. Investopedia, "Speculation," accessed January 18, 2016
  7. Investopedia, "Proprietary Trading," accessed January 18, 2016
  8. House.gov, "Final Vote Results for Roll Call 413," accessed January 18, 2016
  9. Senate.gov, "U.S. Senate Roll Call Votes 111th Congress - 2nd Session," accessed January 18, 2016
  10. 10.0 10.1 The Washington Post, "Annotated transcript: The Aug. 6 GOP debate," August 6, 2015
  11. Wall Street Journal, "How I’ll Slash the Regulation Tax," September 22, 2015
  12. TheSkimm, "Skimm your candidate: Fmr. Gov. Jeb Bush (FL), Republican," October 7, 2015
  13. Jeb2016.com, "Regulatory Reform," accessed January 15, 2015
  14. 14.0 14.1 Washington Post, "Who said what and what it meant: The 4th GOP debate, annotated," November 10, 2015
  15. Jeb Bush Twitter account, September 22, 2015
  16. The Washington Times, "The perfect example of government overreach: the CFPB," July 28, 2015
  17. Fortune, "Potential Presidential Candidate, Dr. Ben Carson On Social Security, Glass-Steagall, And Taxes," January 29, 2015
  18. CNBC, "CNBC Transcript: Republican Presidential Candidate Dr. Ben Carson Speaks with CNBC’s “Squawk Box” Today" October 7, 2015
  19. NJ.com, "Full text of Christie's New Hampshire economic policy speech," May 12, 2015
  20. New York Times, "In Washington Speech, Chris Christie Sounds as if He’s Ready to Run," June 10, 2015
  21. New York Times, "Transcript: G.O.P. Presidential Undercard Featuring Jindal and Huckabee," November 10, 2015
  22. The Dartmouth, "Chris Christie gives town hall talk in Salt Hill Pub," November 9, 2015
  23. The Hill, "Cruz calls for abolishing the Consumer Financial Protection Bureau," July 21, 2015
  24. National Review, "A Growth and Jobs Agenda," September 7, 2011
  25. The Hill, "Fiorina: Abolish Wall Street reform law," April 9, 2015
  26. Carly for President, "Answers," accessed January 18, 2016
  27. Breitbart, "Exclusive—Carly Fiorina: 'We have to start undoing some things' to improve the economy," May 1, 2015
  28. The Washington Post, "Who said what and what it meant: The 4th GOP debate, annotated," November 10, 2015
  29. CNBC, "10 questions for Mike Huckabee," October 16, 2015
  30. Fox News, "2016 hopeful Gov. John Kasich touts economic record in Ohio," August 23, 2015
  31. Bloomberg, "John Kasich: Greed Isn't So Good," April 24, 2015
  32. HughHewitt.com, "Ohio Governor John Kasich On Pope Francis’ Visit, Supporting Law Enforcement, Dodd-Frank And 2016," September 24, 2015
  33. Rand Paul Official Senate website, "Sens. Paul, McConnell, Heller, and Capito Introduce Legislation to Help America’s Rural Communities," March 26, 2015
  34. Rand Paul Official Senate website, "Senator Rand Paul's Platform to Revitalize America," accessed January 18, 2016
  35. Finance Magnates, "Republicans Take Aim At Dodd-Frank, Could it be Repealed?" November 12, 2015
  36. MarcoRubio.com, "Dodd-Frank Cripples Innovation And Economic Growth," accessed January 18, 2016
  37. New York Times, "Transcript: G.O.P. Presidential Undercard Featuring Jindal and Huckabee," November 10, 2015
  38. The Washington Examiner, "Santorum considers breaking up big banks," July 20, 2015
  39. The Hill, "Trump: Economic bubble about to burst," October 14, 2015
  40. Time, "Donald Trump Explains All," August 20, 2015
  41. Bloomberg, "Donald Trump Likes Volcker—and His Rule," August 4, 2015

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