Dodd-Frank is "ineffective" and "burdensome" Federal Reserve Bank of Dallas President Richard W. Fisher told Congress Wednesday, calling for a bi-partisan plan to end too big to fail.

"The effort crafted by Congress to correct the problems of TBTF - known as the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) - is, despite its best intentions, ineffective, burdensome, imposes a prohibitive cost burden on the non-TBTF banking institutions and needs to be amended. It is an example of the triumph of hope over experience," Fisher said, according to prepared text of his testimony before the House Committee on Financial Services.

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