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Gallagher: Dodd-Frank Has SEC 'Shoveling Manure' for 'No Discernible Purpose'

Bruce Carton | November 6, 2014

Following the Republicans takeover of the U.S. Senate in Tuesday's national elections, Republicans will now control both the House and the Senate for the first time since 2006. Some commentators are already speculating that this development brings with it the "first real prospect of changes" to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010 and has been harshly criticized by many Republicans.

Changes reducing the SEC's numerous responsibilities under Dodd-Frank would presumably be quite welcome by SEC Commissioner Daniel M. Gallagher, who has been quite outspoken in his criticism of Dodd-Frank. Back in July 2014, Commissioner Gallagher said that the rulemaking responsibilities...

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