2012 Legislature                                         SM 1778
    2         A memorial to the Congress of the United States,
    3         urging Congress to repeal the Dodd-Frank Wall Street
    4         Reform and Consumer Protection Act of 2010.
    6         WHEREAS, Congress enacted the Dodd-Frank Wall Street Reform
    7  and Consumer Protection Act in 2010, and
    8         WHEREAS, the stated purposes of the act are “To promote the
    9  financial stability of the United States by improving
   10  accountability and transparency in the financial system, to end
   11  ‘too big to fail,’ to protect the American taxpayer by ending
   12  bailouts, to protect consumers from abusive financial services
   13  practices ...,” and
   14         WHEREAS, the act’s almost 2,400 pages of federal
   15  legislation increases the size of the Federal Government by
   16  creating 13 new regulatory agencies requiring 2,600 new
   17  positions while abolishing only one agency, and
   18         WHEREAS, the Congressional Budget Office predicts that the
   19  cost for companies to implement the act over the next 5 years
   20  will be approximately $2.9 billion, and other groups estimate
   21  that the broader economic costs of the act could approach $1
   22  trillion, and
   23         WHEREAS, the extensive regulations imposed by the Dodd
   24  Frank Wall Street Reform and Consumer Protection Act will
   25  severely damage the ability of American companies to compete
   26  internationally with foreign companies or even create American
   27  jobs, and
   28         WHEREAS, the Dodd-Frank Wall Street Reform and Consumer
   29  Protection Act is an inadequate response to the financial
   30  devastation that began in 2008, in part because it has given
   31  unfair advantages to the Federal Home Loan Mortgage Corporation
   32  (“Freddie Mac”) and the Federal National Mortgage Association
   33  (“Fannie Mae”), institutions that were substantial contributors
   34  to the financial crisis, and
   35         WHEREAS, the Dodd-Frank Wall Street Reform and Consumer
   36  Protection Act was championed as creating the most significant
   37  financial regulatory reform since the Great Depression, but, in
   38  contrast, it has become a radical expansion of federal
   39  regulation, vests unprecedented power in the hands of unelected
   40  bureaucrats, increases the likelihood that there will be more
   41  taxpayer bailouts, has not strengthened the economy or brought
   42  stability to the troubled housing market, and does nothing to
   43  address the most elemental causes that created the financial
   44  crisis of 2008, NOW, THEREFORE,
   46  Be It Resolved by the Legislature of the State of Florida:
   48         That the Congress of the United States is urged to repeal
   49  the Dodd-Frank Wall Street Reform and Consumer Protection Act of
   50  2010.
   51         BE IT FURTHER RESOLVED that copies of this memorial be
   52  dispatched to the President of the United States, to the
   53  President of the United States Senate, to the Speaker of the
   54  United States House of Representatives, and to each member of
   55  the Florida delegation to the United States Congress.