According to Politico, on July 28th, Representative Brad Miller (D-N.C.) and former Senator Phil Gramm (R-Texas) spoke to the House Financial Services hearing on the five-year anniversary of the Dodd-Frank Act. Miller: http://bit.ly/1IF1zwu; Gramm: http://bit.ly/1fCzbhl
Some feel that Phil Gramm may not have been the best person to speak about financial regulations.
Gramm was a co-sponsor of the Gramm-Leach-Bliley Act of 1999. That repealed Glass-Steagall, which had been around since the Great Depression of the 1930s and tightened regulations on what investments banks could make with their money.
“Five years after the passage of a sweeping Wall Street reform package in the wake of the worst financial crisis in generations, lawmakers opposed to strict government policing of the financial industry are inviting two prominent deregulators back to the scene of the crime.
“When the House Financial Services Committee (HFSC) hears from former Sen. Phil Gramm (R-TX) and longtime conservative analyst Peter Wallison on Tuesday, the pair will have their laissez-faire perspectives on the money business elevated once again.
“Gramm will blast Dodd-Frank’s reforms as not just ‘shackling economic growth’ but ‘imperiling our freedom,’ according to a draft copy of his prepared testimony. Gramm’s central theme is the idea that Dodd-Frank created a system of rules that are too arbitrary and too subject to bureaucratic whimsy for bankers to know what they can expect and plan accordingly. But the draft remarks also make room for comparing the law’s creation of in-house regulatory positions at Too Big To Fail banks to the old Soviet Union’s habit of injecting party politics into even the smallest manufacturing concern.”