Deregulation: Former FBI director James Comey‘s testimony before the Senate Intelligence Committee was the fixation of Washington on Thursday. But the big story was on the House side of Congress, which passed a bill to repeal the ruinous Dodd-Frank banking law.
The Financial Choice Act, approved in the House by a 233-to-186 vote (no Democrats voted for the bill), has generated almost zero attention. But it has the potential to be the most economically beneficial legislation Congress will consider this year.
Put simply, Dodd-Frank has been a complete failure. Signed into law by President Obama almost seven years ago in the wake of the financial crisis, this massive law was supposed to, in his words, “be good for the economy … foster innovation … stop taxpayer bailouts once and for all.”
It has lived up to zero of those promises.
Dodd-Frank’s 22,000 pages of regulations, which cost $36 billion…
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