The Committee believes that the primary function of the CFPA should be to simplify and make more informative current disclosure requirements to ensure that consumers receive sufficient information about financial products to make informed decisions.

Longstanding policies that were intended to promote confidence in the independence of regulatory decision-making have now been wiped away by the Dodd-Frank act, which has in effect placed all the financial regulators under the direction of the Treasury secretary.

The Regulatory Accountability Act is an effort to channel the discretion and improve the performance of the modern administrative state.

Senate Majority Leader Harry Reid, a man whose political success is largely attributable to the aura of befuddled incompetence he uses to disarm his adversaries, was a failed Watergate baby.

Although Congress established the Financial Crisis Inquiry Commission to identify the causes of the financial crisis, it legislated reforms in the Dodd-Frank Wall Street Reform and Consumer Protection Act long before the Commission has concluded its hearings, much less written its report.

The tension between Congress and the president is palpable, and nowhere is that more true than in the controversy over recess appointments.

Dodd-Frank overall is a poorly drafted statute that drastically expands the power of the federal government, creates new bureaucracies staffed with thousands, and does little to help the struggling American citizen.

Despite Treasury Secretary Tim Geithner's pledge to move quickly, the implementation of the Dodd-Frank legislation will take considerable time and leave a pall of uncertainty hanging over business decisions.