An attempt Tuesday afternoon by a Texas legislator to lead national opposition to the federal Dodd-Frank Wall Street Reform and Consumer Protection Act ended in a resounding defeat after Connecticut State Representative Chris Perone and others, urged their colleagues to vote against the measure.
The 16-1 vote against the resolution came during a meeting of the National Conference of State Legislatures’ Communications, Financial Services and Interstate Commerce Standing Committee, on which Rep. Perone serves as Vice Chairman.
That panel is in San Antonio, Texas, this week as part of NCSL’s annual meeting, and its membership includes state legislators from across the country. The sole vote in favor was the resolution’s sponsor, Texas State Representative Dan Flynn.
The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law in July 2010, and protects consumers and prevents some of the risky and predatory practices by the financial services industry that led to the nation’s economic crisis. Had it passed, Tuesday’s resolution would have been sent by the committee to Congress, urging it to repeal the year-old law.
"There was consensus around the table that, while this law may not be perfect, it is critical to bringing about some much-needed consumer protections while keeping our nation’s economy on more stable footing,” said Rep. Perone “Tuesday’s vote would have had national implications. I urged my colleagues to understand that we do not yet have enough data to tell what is working and that there are some components that have yet to be enacted. And repealing it would deny protection to millions of Americans from higher debit card fees and exotic financial products that would expose them to undue financial risk."
Perone added, “Had this resolution passed, it would have given a clear signal to Dodd-Frank opponents in congress that the states are 100% behind a repeal of the act. Thankfully it didn't turn out that way.”
