New York State Comptroller DiNapoli: Dodd-Frank Hurting Businesses

The Dodd-Frank Wall Street Reform and Consumer Protection Act is causing Wall Street firms to downsize their operations, says New York State Comptroller Tom DiNapoli.

"The continued implementation of the new financial regulations – Dodd-Frank and so on – some of that is requiring changed business models where ... because of that they’re selling off some of the aspects of their business, DiNapoli, a Democrat, said Sunday on "The Cats Roundtable" on AM 970 in New York.

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"And between federal and state regulators, you’ve had bank settlements," DiNapoli told host John Catsimatidis.

Dodd-Frank, passed in 2010 in the wake of the Great Recession, increased federal regulation of fianancial institutions, but Republicans have long said it goes to far, and actually stymies the economy.

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