A bill to ease financial and investment regulations passed in 2010 in response to the 2008 banking crisis is under consideration in the U.S. Senate.
The Financial Regulatory Improvement Act of 2015 (FRIA), proposed by Senator Richard Shelby (R-AL), was approved in May by the Senate Banking Committee. If signed into law, FRIA will ease financial regulations in the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as “Dodd-Frank,” and require the Federal Reserve and other government financial regulators to operate with greater transparency.
‘More of the Same’
Heritage Foundation Research Fellow Norbert Michel says Dodd-Frank is an example of tired government-centric policies.
“[Dodd-Frank] basically gave us more of the same type of regulation and top-down design, so there’s no reason to expect a different outcome in the future,” Michel said.