Washington, DC – Today, the House Financial Services Committee held a hearing entitled, “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead”.
Having served on the Dodd-Frank conference committee – and the only Republican on House Financial Services who was in Congress during that time – Congressman Lucas took the opportunity to question how Dodd-Frank has complicated the Federal Reserve system.
SELECTED QUOTES:
Lucas: “In our country, we’ve assigned the Fed to deal with monetary policy and prudential matters.
They’ve always had this dual role, but after the passage of Dodd-Frank, their prudential function expanded dramatically, and they began policing behavior they had no authority to.
As Chairman of the Task Force on this issue, a concern I continue to raise, is that broadening the authority of the Fed’s regulatory and supervisory roles ultimately politicizes the institution and threatens its monetary policy independence.
Dr. Kupiec, do you think mission creep from the regulatory side of the Fed complicates their role as our central bank?”
You can watch his full remarks by clicking here or on the image below.
Congressman Lucas is the Chairman of the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity.
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