Republican Financial Reform Platform Summary

The Republican platform position is highly critical of Dodd-Frank for “establish[ing] unprecedented government control over the nation’s financial markets,” forcing “central planning of the financial sector” and creating “unaccountable bureaucracies” that have “killed jobs.” In general, the Republican platform describes financial regulations as “just another tax” and states that Americans should “consider a regulatory budget that would cap the costs federal agencies could impose on the economy in any given year.” In particular, Republicans would:

  • abolish the Consumer Financial Protection Bureau or subject it to congressional appropriation;
  • “advance legislation that brings transparency and accountability to the Federal Reserve, the Federal Open Market Committee, and the Federal Reserve’s dealing with foreign banks”;
  • (regarding “too-big-to fail”) “ensure that the problems of any financial institution can be resolved through the Bankruptcy Code”; and
  • endorse prudent regulation of the banking system to ensure that FDIC-regulated banks are properly capitalized and taxpayers are protected against bailouts.

The Republican Platform criticized the Dodd-Frank Act:

Rather than address the cause of the crisis — the government’s own housing policies — the [Dodd-Frank Act] extended government control over the economy by creating new unaccountable bureaucracies. Predictably, central planning of our financial sector has not created jobs, it has killed them. It has not limited risks, it has created more. It has not encouraged economic growth, it has shackled it.