WASHINGTON (Reuters) - Republicans on the House Financial Services Committee are asking the U.S. Treasury Department to identify financial regulations that have been eliminated or streamlined as a result of the 2010 Dodd-Frank financial oversight law.
On Thursday, committee Republicans wrote Treasury Secretary Timothy Geithner asking for a report by October 1 identifying rules that were in place before the law went into effect last summer that have now been “eliminated or modified to reduce regulatory burdens.”
Republicans have been heavily critical of the law arguing it will be particularly burdensome on small banks and is hindering lending at a time when the economy is weak.
“America’s small community banks and credit unions are over-burdened and need relief,” the committee Republicans wrote Geithner on Thursday.
In their letter, Republicans highlighted an August 2010 quote from Geithner saying the administration would work to streamline regulations.
Democrats have heralded the law, enacted in July 2010, as a tool to prevent the business practices and lending abuses that helped lead to the 2007-2009 financial crisis.
The letter was sent hours before President Barack Obama will deliver a speech to Congress to unveil a new plan to jump-start the sputtering economy and create jobs.
The letter sent Thursday is part of a Republican effort to portray the administration’s regulatory agenda as an impediment to job creation.
Reporting by Dave Clarke ; Editing by Dave Zimmerman