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Wall Street Journal Article Cites Wright Scholarship

An opinion article appearing in the Wall Street Journal cites a study by Professor Joshua Wright and coauthor David Evans, attributing it as influential in a December House vote related to the Obama Administration's proposed formation of a Consumer Financial Protection Agency.

Wright and Evans predicted the regulatory burdens of the Obama plan would raise interest rates, reduce access to credit, and reduce net new jobs created in the economy by 4.3%.

The study is forthcoming in the Loyola Consumer Law Review.

The Big Bank Excuse, The Wall Street Journal, February 25, 2010.

Excerpt:

"Mr. Dodd, Chairman of Senate Banking, seemed to understand why 33 House Democrats voted against a new consumer agency and not a single Republican voted for it. Small-town bankers, already complaining about regulators tightening the screws after the credit crisis, were 'scared to death' about still another layer of bureaucracy, according to one Democratic Congressman.

"Also influential before the December House vote was a study by researchers at the University of Chicago and George Mason that predicted the regulatory burdens of the Obama plan would raise interest rates, reduce access to credit, and reduce net new jobs created in the economy by 4.3%."

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