The Manufactured Housing Association for Regulatory Reform (MHARR) says the House Financial Services Committee (FSC) is holding a hearing today to examine the Dodd-Frank Act’s definition of non-bank financial institutions as “systemically important”, a euphemism for “Too Big to Fail”, meaning the government will protect it from collapse. The Financial Stability Oversight Committee (FSOC), a regulating committee created by Dodd-Frank, will discuss whether the designation gives these firms a competitive edge, and how the ruling might affect the economy. Subcommittee Chairman Shelley Moore Capito says, “There’s no question that we need to have the necessary safeguards in place to avoid another financial collapse, however we must ensure that new rules do not greatly inhibit economic growth.” MHProNews.com has learned FSC Chairman Spencer Bachus says, “Bailouts must end—period.”
