Chamber’s Donohue derides Dodd-Frank, ObamaCare regulations

The Dodd-Frank and Affordable Care acts are falling short of their goals, and the Obama administration’s regulatory approach is partly to blame, Donohue wrote in the piece appearing Monday in The Weekly Standard. 

“It has created a bloated bureaucracy that isn’t getting the job done,” Donohue writes.

The Dodd-Frank law, enacted to protect the financial sector against another devastating economic crisis, requires regulators to draft and enact hundreds of federal rules.

Yet three years after the law took effect, many of the rules are still under construction, Donohue notes.

Last week, President Obama urged financial regulators to “expeditiously finish” work on the Wall Street reform law.

But Donohue argues that the problem lies in the content of the 2,319-page statute itself.

“Ironically, the law that was intended to end ‘too big to fail’ is too complex to implement. It was conceived out of anger and with a misguided — and impossible — goal: eliminating all risk from the financial system,” he wrote.

Similarly, Donohue derides the complexities of the healthcare law, which also requires major rule-making undertakings at multiple agencies.

He acknowledged that reform is needed in both the financial and healthcare sectors but said solutions should be driven by the private sector and pressed a plan offered by the Chamber as an alternative.

“Let’s hope this administration learns that when it comes to regulations, more isn’t always more,” he wrote.