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December 5, 2012

July 11, 2012 – House Judiciary Committee Subcommittee on Competition hearing entitled "The Dodd/Frank Act's Effect on Financila Services Competition. "

The competitiveness issue debate began in the opening statements. Chairman Goodlatte suggested Dodd/Frank injected government into the role of making business decisions for the financial services industry. Additionally, the new law harms competition because regulations designed to affect systemically significant institutions will be place on community banks as well.

Ranking member Watt asked why the Subcommittee was holding a hearing on the issue in the first place. Much ado about nothing, he complained. He defended the new law in that the stabilization of the economic environment promoted competition. He made the point the new regulations, for the most part, have not been finalized and so any excessive regulation existed prior to the enactment of Dodd/Frank.

The panel of three witnesses provided differing opinions on the possible outcomes of the final implementation of the financial reform law.

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