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    Republicans Pledge to Scrap Dodd-Frank Act Passed to Regulate Wall Street

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    The US Republican Party has promised to abolish the 2010 Dodd-Frank Act that was passed to regulate Wall Street, the party’s official platform stated.

    WASHINGTON (Sputnik) – The platform criticized the Dodd–Frank Act, also known as the Wall Street Reform and Consumer Protection Act, for allegedly establishing unprecedented government control over the nation’s financial markets.

    “We support removing roadblocks and regulations that prevent access to capital,” the platform, which was adopted on the first day of the Republican National Convention in Cleveland, stated on Monday.

    “From start-ups foregone to home loans not made, Dodd-Frank’s excessive regulation and burden-some requirements have helped contribute to the slow economy we all endure today…”

    However, critics of the legislation have attacked it for being too weak to monitor and rein in the major Wall Street financial institutions rather than inhibiting them too much.

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