Bachmann introduces repeal of Dodd-Frank, fires back at critics

[Update 1: clarifies status of legislation filed.] Rep. Michele Bachmann (R-Minn.) introduced legislation Wednesday that would repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act. One of the legislation’s sponsors blasted the whole ordeal Thursday. In a letter to lawmakers, Bachmann asked for support for H.R. 87, which was referred to the House Committee on Financial Services. (A copy of the bill is not yet available, but a list of co-sponsors can be found here.) Bachmann said the effort to repeal Dodd-Frank was the first step in a fight against a “blatant abuse of power over the last two years.” Since the bill became law, regulators have written reams of new rules and banks have hired teams of attorneys to sift through what is required of them. The Treasury Department has begun setting up and making appointments for the Consumer Financial Protection Bureau, which was created under Dodd-Frank. Bachmann is concerned over powers granted to officials such as the Stability Oversight Council, which contains 10 agents from the Treasury and the Federal Reserve. Bachmann said the council’s ability to “target and takeover bank and non-bank financial institutions that it deems dangerous or at risk” is a “frightening abuse of power.” Rep. Barney Frank (D-Mass.) took aim at Bachmann’s bill in a statement Thursday, saying it is a sign Republicans want to go back to the way things were. “They yearn to return to the thrilling days of yesteryear, so the loan arrangers can ride again – untrammeled by any rules restraining irresponsibility, excess, deception, and most of all, infinite leverage,” Frank said. Doug Sachtleben, a spokesman for Bachmann’s office, fired back. “When Democrats were crafting this legislation Mr. Frank refused every Republican request to deal with Fannie and Freddie and their central role in the economic meltdown. At least he’s consistent. He’s still ignoring the problem,” Sachtleben told HousingWire. Bachmann isn’t alone in the House. After taking over the reins of the House Financial Services Committee, Rep. Spencer Bachus (R-Ala.) appointed Rep. Gary Miller (R-Calif.) to chair the International Monetary Policy Subcommittee, in a sign the two will target certain provisions under Dodd-Frank. In her attempt to repeal the landmark reform legislation, Bachmann said it also did nothing to address Fannie Mae and Freddie Mac and it is unconstitutional. “It is plain hubris to think that this government, with its $14 trillion dollar debt, annual deficits, and wasteful-spending, is worthy of this plenipotentiary oversight,” Bachmann said. Jacob Gaffney contributed to this report. Write to Jon Prior. Follow him on Twitter: @JonAPrior