US House Republican lawmakers, a few days before the Dodd-Frank financial regulatory overhaul turns 1 anni, blasted the law in a press conference Friday, giving it failing grades on several scores.

The lawmakers, standing next to a poster board that proclaimed “Annual Report Card,” used a Red marker to grade the law “F” in 5 categories, including its impact on strengthening the economy, streamlining financial rules and stabilizing the housing market.

The law is “sets the US on a collision course with economic mediocrity,” said Rep. Scott Garrett (R., NJ). The lawmaker argued that the law does not delivered on its Democratic authors’ promise to level the regulatory playing field among the US and its Global competitors.

He cited new limits on banks’ trading activities and a requirement that Over- the-Counter derivatives must now be traded on multi-dealer platforms as restrictions to which US firms, and not their competitors, will have to adhere.

House Financial Services Chairman Spencer Bachus (R., Ala.) said the law had spawned a Flood of rules that creates an atmosphere of uncertainty for entrepreneurs, and increased burdens on small businesses.

“This is not how you simplify and strengthen rules; it is how you kill sprit, jobs and the exonomy,” he argued.

Rep. Shelley Moore Capito (R., W VA.) said the law had “further inculcated and elongated too-big-to-fail” rather than quashing the expectation that large failing institutions will be bailed out by the government. She said US taxpayers are still on the “Hook” to bail out failing financial firms and that large institutions,and the government are getting larger.

The Obama Administration said the law has made the financial system far more resilient to a shock and said financial firms will no longer receive taxpayer bailouts.

The Dodd-Frank law passed Congress with light Republican support. House Republicans were staunchly opposed to provisions to create a new consumer agency to police financial products and to establish a council of federal regulators with powers to single out certain financial firms for stricter oversight.

Republicans argued that the designation would lead markets to consider these firms too big to fail. They also faulted Democrats repeatedly during the debate on financial reform for not overhauling the housing finance system after the collapse of mortgage giants Fannie Mae (FNMA) and Freddie Mac (FMCC). Rep. Judy Biggert (R., IL), at Friday’s press conference repeated the criticism.

Since Republicans took control of the House of Representatives last Fall they have made only modest stabs at comprehensive reform of the housing finance system.

Two California Republicans, Reps. Gary Miller and John Campbell, introduced bills that maintain forms of government support for the US$10.4T U.S. mortgage market, a solution rejected by GOP leaders.

Earlier this week, Republicans said they are unlikely to put forward a comprehensive overhaul bill and criticized the Obama Administration for not offering more direction. “We would like a comprehensive bill,” Mr. Bachus said at a hearing Tuesday. “…Can we get a comprehensive bill? I do not think so.”

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.