CLAREMONT, N.H.—Republican presidential candidate Mitt Romney has sharpened his critique of the financial regulatory overhaul signed by President Obama.
In response to the financial meltdown, Obama and Congress passed the Dodd-Frank bill, Wall Street reform legislation that enacted consumer protections, reformed some derivatives trading, and imposed new regulations on mortgage lenders and hedge funds.
In the past, Romney has criticized the bill for creating uncertainty in the financial industry and causing bankers and the financial service employees to pull back .
Today, he went further and said he would repeal Dodd-Frank, if he were elected president. “The extent of regulation in the banking industry has become extraordinarily burdensome following Dodd-Frank,” Romney told a roundtable of 18 businessmen at The Common Man Restaurant.
“I’d like to repeal Dodd Frank, recognizing that some revisions make sense,” Romney said.
In July, Romney was unable to name specific parts of the bill that he liked or disliked. When asked, he said only, “It’s 2,000 pages. I’m sure there’s something in there that’s good…I’d be happy to take a look at it perhaps line by line at some point and lay out the provisions that I think are unfortunate.’’
Today, he was more specific. Romney said he believes it does make sense to regulate derivatives. He said it also makes sense to have different capital requirements if someone is holding a home mortgage compared to someone holding high-risk securities. “Some features have to be addressed,” he said.
At the same time, he said, the 2,000 pages of the bill are “overwhelming” for community banks and the fact that pages of rules must still be written creates too much uncertainty.
Romney also took a swipe at Obama on the jobs front. Romney intends to lay out his jobs plan Sept. 6 in Nevada – the same week as Obama plans to release his own plan for creating jobs.
“I’d like to have mine come out a day or two before his does so he can copy a couple of ideas,” Romney said. “If so we’ll have a lot better chance of actually getting people back to work.”