Treasury hits back at Dodd Frank repeal
Monday 4 April 2011 - by Will Henley
The US Treasury has hit back at Republican critics of the Dodd Frank Act, saying that the party is trying to drag the country back to a "broken system".
"Millions of jobs were lost. Trillions of dollars in household wealth and retirement savings were swept away. Our nation's economy was brought to its knees."
The Republican's draft S. 712 Financial Takeover Repeal Act, which would repeal the Dodd-Frank Act, was introduced on Friday with eighteen congressional co-sponsors.
Senator Jim DeMint, who introduced the bill, aims to ramp up the pressure on the Obama administration with the legislative attempt.
Suggestions are that the upcoming Republican budget cut plan, spearheaded by House Budget Committee chairman Paul Ryan, could include a tax cut for corporation and individuals from 35 to 25 per cent.
It could also allow companies to return overseas profits to the US at a greatly reduced rate, according to reports. However, like the Dodd Frank repeal attempt, the plans are likely to be stymied by the Democrat controlled Senate.
The latest legislative moves come after House Republicans last week unveiled eight separate bills involving measures to overhaul beleaguered mortgage giants Fannie Mae and Freddie Mac.
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