“Regulation is essential. You can’t have the free market work if you don’t have regulation,” Republican Mitt Romney said tonight. “At the same time, regulation can become excessive… With some of the regulation that has passed during the president’s term,” he said, “it has hurt the economy.”
He called the Dodd-Frank financial regulation “the biggest kiss” that’s been given to banks. “I would replace it,” he said, saying some parts of the law “make all the sense in the world.”
“The reason we have been in such an enormous economic crisis was reckless behavior across the board,” Obama said a little more than half-way through his first debate with Romney. “We stepped in… and had the toughest reforms on Wall Street since the 1930s.”
Romney has said he wants to repel Dodd-Frank, Obama noted.
“The question is, does anybody out there think a big problem we have is there was too much oversight and regulation of Wall Street… because if you do, then Governor Romney is your candidate,” Obama said.
Romney objected, pointing to elements of the law that he supports
Still, he said, the implementation of the law has been slow and left uncertainty.