Darrell Issa, chairman of the House Oversight and Government Reform Committee, has released a report labeling several regulations in the Dodd-Frank Act as costly and burdensome.
Issa, a California Republican, has said that he would try to strip the financial reform law of measures that would inhibit economic growth and job creation.
Such measures cited in the report include debit interchange fee regulation, the establishment of the autonomous Consumer Financial Protection Bureau, derivatives regulations and proxy access.
The report, released this week, noted a study by George Mason University Law School that said Dodd-Frank could reduce economic growth by 4% with its roughly 500 regulations.
The Issa report mentioned that the Financial Services Roundtable is projecting that limits on interchange fees could "remove $15 billion from the financial services marketplace' and hurt small businesses and consumers in the long run." His report also pointed to a Roundtable estimate that the Consumer Financial Protection Bureau could reduce net job creation by 4.3%.
Issa said the report, "Assessing Regulatory Impediments to Job Creation," would aid discussions with the White House about ways to make the new law less onerous.
"At minimum," it said, "the regulatory actions identified in this report merit additional scrutiny to ensure that the processes used to implement these rules are transparent, that the agencies have provided adequate opportunity for stakeholder participation, and that the agencies have taken all responsible steps to minimize the cost of compliance for America's job creators."
