Dodd-Frank Damaging to Georgia Banks, Report Says

Dodd-Frank has had "crushing impact" on banks and businesses according report from the Georgia Public Policy Foundation and the Competitive Enterprise Institute.  

"Government Barriers to Georgia's Growth: How Dodd-Frank Price Controls Poach the Peach State's Prosperity" is especially critical of the Durbin amendment, which caps "swipe fees" for debit transactions. "In terms of sheer cost and intrusiveness, the Durbin Amendment threatens to eclipse most other Dodd-Frank provisions combined," the report says.

In a summary of the report The Street observes that the CEI "recently joined a lawsuit challenging the constitutionality of Dodd-Frank."

Another big complaint in the report is that "the Dodd-Frank Wall Street Reform and Consumer Protection Act not only does nothing to rein in Fannie and Freddie but adds hundreds of costly new regulations that had nothing to do with the crisis."

Not completely clear is why the report begins with a note that "the Federal Deposit Insurance Corporation has closed at least 80 banks in Georgia since 2008," given that Dodd-Frank wasn't passed until 2010.

For the full piece see "Think Tanks Slam Dodd-Frank for 'Crushing Impact'" (may require subscription).