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]
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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]
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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.
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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 ...”
Candidate comments on Dodd-Frank.
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Wall Street Journal, "How I’ll Slash the Regulation Tax," September 22, 2015
- “I will also work with Congress to repeal significant portions of the 2010 Dodd-Frank financial law, and we will reform the complex set of rules that perpetuate too-big-to-fail financial institutions.”[11]
The Skimm, "Skimm your candidate: Fmr. Gov. Jeb Bush (FL), Republican," October 7, 2015
- “The mission is high-sustained economic growth where people have a chance to earn success. [I've] unveiled a pretty provocative tax reform policy, simplifying the code, lowering rates. Regulatory reform is part of that. The stories of investments not made, of jobs not created, of income not earned, is pretty phenomenal in a world where Washington is just on steroids as it relates to the rules they create. [I'd] repeal Dodd-Frank if I could….It's not the intention of regulation that matters, it's actually the results. And these results have created greater systemic risk and are hurting the heartland.”[12]
Jeb2016.com, "Regulatory Reform," accessed January 15, 2015
- “Last we will repeal or reform the most onerous Obama rules and regulations. That starts with:
- Dodd-Frank
- Waters of the United States Rule
- The Carbon Rule
- The Coal Ash Rule
- Net Neutrality”[13]
Washington Post, "Who said what and what it meant: The 4th GOP debate, annotated," November 10, 2015
- “We're not -- we shouldn't have another financial crisis. What we ought to do is raise the capital requirements so banks aren't too big to fail. Dodd-Frank has actually done the opposite, totally the opposite, where banks now have higher concentration of risk in assets and the capital requirements aren't high enough. If we were serious about it, we would raise the capital requirements and lessen the load on the community banks and other financial institutions. This vast overreach has created a huge problem for our country, and Hillary Clinton wants to double down on that. It -- and I talked to a banker there. This is a bank that had $125 million of assets, four branches. Their compliance costs because of Dodd-Frank went from $100,000 to $600,000 in a two-year period. The net effect of that is -- and they had -- they had not one loan that went bad during the financial crisis. They knew -- they knew their borrowers. They gave back to the community. They were engaged in the community. And imagine America without its community banks. Well, that's what's happening because of Dodd-Frank. That's -- that's my worry. My worry is that the real economy has been hurt by the vast overreach of the Obama administration.”[14]
Jeb Bush Twitter account, September 22, 2015
- “Regulatory reform starts with repeal of: Dodd Frank. #DitchTheRule. Carbon Rule. Coal Ash Rule. Net Neutrality.”[15]
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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.
Candidate comments on Dodd-Frank.
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The Washington Times, "The perfect example of government overreach: the CFPB," July 28, 2015
- “The CFPB is an agency searching for a reason to exist, so it keeps regulating and expanding its powers to justify itself. In so doing, it is simply usurping freedom and wasting valuable tax dollars like so much of the rest of the federal government. If I am elected president, it’s exactly the sort of agency I plan to rein in.”[16]
Fortune, "Potential Presidential Candidate, Dr. Ben Carson On Social Security, Glass-Steagall, And Taxes," January 29, 2015
- "For some reason, in the 1990s, our government decided that investment bankers and others like them were more saintly and could now be trusted. Therefore, they largely minimized the effect of Glass-Steagall type regulations. It took about 20 years for the greed to have a devastating impact on our society, but it certainly should not have been unexpected. We do need appropriate regulation but not knee-jerk overreaction as we have seen in recent years."[17]
CNBC, "CNBC Transcript: Republican Presidential Candidate Dr. Ben Carson Speaks with CNBC’s “Squawk Box” Today" October 7, 2015
- "You know, I remember many an afternoon sitting around the corporate board table – Costco and Kellogg where I spent many decades – and talking about now what are we going to do? You know, Dodd-Frank, or the next regulation that comes on. How many lawyers do we have to hire? What new departments do we have to create? Well, it costs a lot of money. And guess who gets to pay for that? The consumer. And every time we do it, we add to the consumer's debt load, it's almost like passing a tax every time we do that. And I'm not a person who believes that we should get rid of all regulations. Our founders said if men were angels, no government or regulation would be necessary, but men are not angels nor are women for that matter. And, therefore, we, obviously, need appropriate regulatory oversight in our country. And that's perfectly reasonable."[18]
Washington Post, "Who said what and what it meant: The 4th GOP debate, annotated," November 10, 2015
- And I think this all really gets back to this whole regulation issue which is creating a very abnormal situation. This country was -- declared its independence in 1776. In less than 100 years, it was the number-one economic power in the world. And the reason was because we had an atmosphere that encouraged entrepreneurial risk- taking and capital investment. Those are the fuels that drive it. And what we've done now is let the creep of regulation turn into a stampede of regulations, which is involved in every aspect of our lives. If we can get that out, it makes a big difference. And even for the average person, every single regulation costs money. And it's shifted to the individual. So -- and it hurts the poor and the middle class much more than it does the rich. They go into the store and they buy a bar of soap, it costs 10 cents more, they notice it. And the middle class, when they come to the cash register, have a whole cart full of things that cost 5, 10 or 15 cents more, they notice it. It is hurting the poor. Bernie Sanders and Hillary Clinton won't tell you that that's the thing that's really hurting middle class in the core. They'll say it's the rich, take their money, but that won't help. You can take all of the rich's money and it won't make a dent in the problem that we're having. We have to come back to the fundamental principles that made America great.[14]
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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.
Candidate comments on Dodd-Frank.
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NJ.com, "Full text of Christie's New Hampshire economic policy speech," May 12, 2015
- “It is not just access to equity for small and medium-sized businesses that is a problem. Dodd-Frank has hurt Main Street; credit is not flowing to middle America. The percentage of banks' balance sheets devoted to making loans and leases is at its lowest level since 1978 — again, back to the Jimmy Carter era. And the number of banks in the United States has actually shrunk to its lowest level in over a century. So even while Dodd-Frank had the effect of increasing the too big to fail problem by concentrating the power of the big banks, it has actually curtailed lending to small business by the smaller banks who are economically vital. So that is my "Five-Point Plan for Growth": pro-growth tax reform; getting regulation under control; launching a national energy strategy; creating incentives and removing disincentives to work; and ensuring that America is the home of innovation. Here in Manchester, you know the importance of economic growth.”[19]
New York Times, "In Washington Speech, Chris Christie Sounds as if He’s Ready to Run," June 10, 2015
- “[Christie] weaved in broad platitudes about his successes as a governor, speaking at length about Goya, the Latin American food purveyor, opening its headquarters in Jersey City in April, and he made few specific policy statements, aside from calling for the end of the Dodd-Frank financial regulatory law and for providing more choices in education.”[20]
New York Times, "Transcript: G.O.P. Presidential Undercard Featuring Jindal and Huckabee," November 10, 2015
- “And, in addition, we need to get the government off of our backs. Dodd-Frank, all the different regulations, 81,000 pages of new regulation by this administration just last year — it is suffocating small business, it is suffocating the folks who are trying to make a living. I will do what I did in New Jersey. Lift if off their backs.”[21]
The Dartmouth, "Chris Christie gives town hall talk in Salt Hill Pub," November 9, 2015
- “Christie said he favored market solutions in both instances, but praised the regulatory framework of Dodd-Frank for large, national banks. He said it should not apply to smaller banks.”[22]
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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.”
Candidate comments on Dodd-Frank.
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The Hill, "Cruz calls for abolishing the Consumer Financial Protection Bureau," July 21, 2015
- "The only way to stop this runaway agency [the CFPB] is by eliminating it altogether.”[23]
National Review, "A Growth and Jobs Agenda," September 7, 2011
- “Repeal Dodd-Frank. A law of massive complexity, Dodd-Frank does nothing to prevent future financial bailouts, but instead subjects the financial sector to costly new regulatory burdens — the cost of which invariably will be passed on to consumers. And its impact hits small community banks hardest. Reasonable government regulations are needed to protect the soundness and integrity of the marketplace, but they should not empower bureaucrats to micro-manage private sector institutions to the detriment of consumers.”[24]
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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.
Candidate comments on Dodd-Frank.
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The Hill, "Fiorina: Abolish Wall Street reform law," April 9, 2015
- “We should get rid of Dodd-Frank and start again. Let's start by making sure that the 26 regulatory agencies that were supposed to be overseeing the financial system, that were supposed to be predicting the financial crisis — 26 of them all missed it. We haven't even started to look at that problem. ... We still have 26 agencies out there, all of whom say they're supposed to be regulating the financial system and none of which did their jobs.”[25]
CarlyForPresident.com, "Answers"
- A series of videos on Fiorina's campaign website in which she says explicitly that she would repeal Dodd-Frank.[26]
Breitbart, "Exclusive—Carly Fiorina: 'We have to start undoing some things' to improve the economy," May 1, 2015
- “Dodd-Frank has taken ten banks too big to fail and turned them into five banks too big to fail. And now we have three thousand community banks that have gone out of business. And they’ve gone out of business because they can’t handle the complexity and the requirements. So, yes, we have to start over, and we might want to start by reforming Fannie and Freddie that started this whole business in the first place, or the twenty-five agencies that still exist in the federal government that were asleep at the switch.”[27]
The Washington Post, "Who said what and what it meant: The 4th GOP debate, annotated," November 10, 2015
- “And now what do we have with Dodd-Frank? The classic of crony capitalism. The big have gotten bigger, 1,590 community banks have gone out of business, and on top of all that, we've created something called the Consumer Financial Protection Bureau, a vast bureaucracy with no congressional oversight that's digging through hundreds of millions of your credit records to detect fraud. This is how socialism starts, ladies and gentlemen. We must take our government back.”[28]
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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.
Candidate comments on Dodd-Frank.
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CNBC, "10 questions for Mike Huckabee," October 16, 2015
- “Terrible idea. Do something that affected the people who messed up. Dodd-Frank didn't really affect the big banks. They're bigger now than they've ever been. We reformed nothing. They're still playing games with derivatives, still playing the games, turning Wall Street into a casino. What I would do is get rid of Dodd-Frank, which (would put) the power back in community banks. Dodd-Frank has punished the banks that never created the problem. ... They have to have some (regulation). I'm not sure that the repeal of Glass-Steagall was a brilliant idea because you erased the line between traditional banks. You created a blur. And I believe a lot of what we saw happen with the crash of 2008 was because banks that once were investment banks were trying to be full-service banks. And full-service banks were trying to become investment banks. It just became one great big house of cards, and it collapsed.”[29]
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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.”
Candidate comments on Dodd-Frank.
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Fox News, "2016 hopeful Gov. John Kasich touts economic record in Ohio," August 23, 2015
- Maria Baritoromo: “So in terms of regulations then, governor, would you roll back Dodd-Frank? You would change Dodd-Frank?”
- Kasich: “Oh, there's no question about it. You do not want to kill the small banks and the medium sized banks. But in addition, you know, the big banks need to reserve against risks. These hedging devices, the CDOs, there need to be reserves on those. And 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. And, of course, we've got to look at Fannie and Freddie. But -- but the bottom line here is, let's not kill the midsized and the small community banks.”
[30]
Bloomberg, "John Kasich: Greed Isn't So Good," April 24, 2015
- "'I don't think you can fix all this like Elizabeth Warren says, by demonizing the rich or saying we can just impose all these regulations,' he said, adding that he thought Dodd-Frank Wall Street Reform and Consumer Protection Act, which limited a number of trading activities, 'went overboard.'"[31]
HughHewitt.com, "Ohio Governor John Kasich On Pope Francis’ Visit, Supporting Law Enforcement, Dodd-Frank And 2016," September 24, 2015
- Hugh Hewitt: “And I got approached by an oil and gas man who asked me when I came across candidates to ask them this. Dodd-Frank, people don’t know this, is killing a lot of oil and gas exploration because of collateralization requirements and the inability of banks to measure value. They’re killing lending. Have you run into this? And what you think about Dodd-Frank? We’re in the deep weeds now, but you’re coming up to a CNBC debate, so…”
- Kasich: “No, no, no. I’m going to be very clear about, you know, the 30,000 [feet] look at Dodd-Frank. What it’s doing is that it has swung the pendulum so far that big banks are getting bigger, and that we’re wiping out the midsized and the community banks, which are the lifeblood of our communities. They are also the institutions that know you. So if you’re a small business person, that’s, those are the people that know your name. Those are the people that can really help you to be successful. What we need to do is, Dodd-Frank needs either repealed or greatly reformed. And what has to happen is the big banks have to have reserve requirements for the risk that they take on, so that if in fact they take on risk that doesn’t work out, their reserves will cover that risk and not the taxpayers. Secondly, our regulators, instead of just going to these places and not doing anything when they see a problem, need to step up. And they not only need to bark, but they need to bite. But we don’t need them falling all over the place being extreme in the way they look at these loans, these opportunities that are out there. And then in addition, you know, what happened last time is we shouldn’t have government agencies like Freddie Mac and Fannie Mae who are telling people to own things that they can’t afford. There’s a number of things that have to be done in this area, but you cannot continue to strangle these banks with overregulation, because it affects all the industries, not just oil and gas, all the industries that are out there.” [32]
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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.
Candidate comments on Dodd-Frank.
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Rand Paul Official Senate website, "Sens. Paul, McConnell, Heller, and Capito Introduce Legislation to Help America’s Rural Communities," March 26, 2015
- “U.S. Senate Majority Leader Mitch McConnell introduced legislation today to help rural communities harmed by Obama Administration policies that restrict access to rural lending opportunities. Sens. Dean Heller (R-NV), Shelley Moore Capito (R-WV), and Rand Paul (R-KY) are original cosponsors of the Helping Expand Lending Practices in (HELP) Rural Communities Act, which would provide rural communities with better access to credit opportunities that can help grow their local economies. The Consumer Financial Protection Bureau (CFPB) - created by the Dodd-Frank Wall Street Reform Act of 2010 - permits certain rural lending practices in areas it deems "rural" or "underserved." However, as many rural communities have noted, the current definition of rural as established by the CFPB excludes a significant number of demonstrably rural areas and neglects to provide rural communities with any input in the process. The CFPB recently put forth a proposal to revise its definition, but once again, it neglected to seek input from rural communities themselves. The HELP Rural Communities Act would create an appeals process that would allow constituents to petition the CFPB with important local information for reconsideration of their status. This would give rural counties across the country a voice when the CFPB has incorrectly labeled them as "non-rural." The bill also takes important steps to address the challenges rural communities face by eliminating arbitrary mortgage origination requirements that will ensure that rural communities bordering urban areas are still able to access credit services that are essential to rural small businesses and farmers.”[33]
Rand Paul Official Senate website, "Senator Rand Paul's Platform to Revitalize America," accessed January 18, 2016
- In 2012, Paul drafted a budget for FY 2013, in which he suggested defunding and repealing Dodd-Frank and eliminating the CFPB.[34]
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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.
Candidate comments on Dodd-Frank.
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Finance Magnates, "Republicans Take Aim At Dodd-Frank, Could it be Repealed?" November 12, 2015
- “The big banks, they have an army of lawyers. They can deal with all these things. The small banks, they can’t deal with all these regulations. This is an outrage. We need to repeal Dodd-Frank.”[35]
MarcoRubio.com, "Dodd-Frank Cripples Innovation And Economic Growth," accessed January 18, 2016
- “We need to repeal Dodd-Frank and focus on stopping out-of-control regulators by enacting a National Regulatory Budget, which will cap – and reduce – the amount that regulations can cost the economy per year.”[36]
The Washington Post, "Annotated transcript: The Aug. 6 GOP debate," August 6, 2015
- “And last but not least, we need to repeal Dodd-Frank. It is eviscerating small businesses and small banks. 20 -- over 40 percent of small and mid-size banks that loan money to small businesses have been wiped out over the -- since Dodd-Frank has passed. We need to repeal and replace Dodd-Frank. We need to make America fair again for all businesses, but especially those being run by small business owners.”[10]
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Stance: Full repeal
Additional Details: Santorum has called for Dodd-Frank’s repeal and has said that it needs “to be redone.”
Candidate comments on Dodd-Frank.
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New York Times, "Transcript: G.O.P. Presidential Undercard Featuring Jindal and Huckabee," November 10, 2015
- “The other thing we have with the Fed is they’ve been given way too much authority. Under Dodd-Frank, they’ve been given this enormous new authority. I mean they — they now have almost become the most powerful entity in Washington, DC. We need to repeal Dodd-Frank, get away that authority from the Fed and put them under more — more scrutiny.”[37]
The Washington Examiner, "Santorum considers breaking up big banks," July 20, 2015
- "I would be more oriented towards clearly Dodd Frank is a disaster and needs to be redone," Santorum said. "The institutionalization of too big to fail is something that has to be unwound, including unwinding some of these large institutions."[38]
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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.
Candidate comments on Dodd-Frank.
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The Hill, "Trump: Economic bubble about to burst," October 14, 2015
- “We have to get rid of Dodd-Frank … the regulators are running the banks.”
- "'It’s terrible,' he said in an interview with The Hill, saying that he would 'absolutely' repeal it."[39]
New York Times, "Transcript: G.O.P. Presidential Undercard Featuring Jindal and Huckabee," November 10, 2015
- “Well Dodd Frank is probably not a very good thing. There are aspects of it you could leave. But generally speaking Dodd Frank stifles business. It just totally stifles business.”[40]
Bloomberg, "Donald Trump Likes Volcker—and His Rule," August 4, 2015
- When asked what he thought about the Volcker Rule: “Well, I’m not sure if he [Paul Volcker] likes it, but you know what, honestly, Mark, if he’s happy then I’m happy. ... He was a terrific guy. I've met him a few times. And I thought he was terrific. But I think his policy and his demeanor there was something very solid about him. His demeanor were very good."[41]
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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.