"One-year ago today, President Obama signed the Dodd-Frank Act - enacting into law a labyrinth of new requirements impacting not just Wall Street and Main Street but also every Rural Route 1 throughout the countryside," said Roberts. "I sincerely hope that it was not the intent of Dodd-Frank and those who wrote the law to create a mass exodus of capital from the U.S. This is why we need commissioners who will adhere to the law, act in accordance with Congressional intent, and be an independent voice. Thorough cost-benefit analysis must be completed on these proposals so the commissioners, Congress and the public have a full understanding of their consequences."
Roberts made the comments today at the confirmation hearing for Wetjen to be a commissioner of the CFTC. It falls on the anniversary of the 800-page Dodd-Frank bill being signed into law, re-engineering the U.S.'s financial markets. The bill has generated thousands of pages of controversial new regulations. Fifty-one of the new rules are proposed by the CFTC's 31 different rule making teams, which Wetjen would help oversee.
Click here to view Sen. Roberts' remarks at the hearing.