Soon after beginning her third term, Bachmann introduced legislation to repeal the Dodd–Frank financial reform law. She said, "I'm pleased to offer a full repeal of the job-killing Dodd–Frank financial regulatory bill. Dodd–Frank grossly expanded the federal government beyond its jurisdictional boundaries. It gave Washington bureaucrats the power to interpret and enforce the legislation with little oversight. Real financial regulatory reform must deal with these lenders who were a leading cause of our economic recession. True reform must also end the bailout mind-set that was perpetuated by the last Congress." She also took issue with the law for not addressing the liabilities of the tax-payer funded Fannie Mae and Freddie Mac. Bachmann's bill was endorsed by conservative groups such as the Club for Growth and Americans for Prosperity. It gained four other Republican co-sponsors, including Representative Darrell Issa, who became the new chairman of the House Oversight and Government Reform Committee at the start of the 112th Congress. Bachmann's call for total repeal was seen as more drastic than the approach advocated by her fellow Republican Spencer Bachus, who became the House Financial Services Committee Chairman when Republicans gained the House majority. Bachus planned "to provide 'vigorous' oversight of regulators efforts to reform banking and housing ... reform Fannie and Freddie", and "dismantle pieces of Dodd–Frank Act that he believes 'unnecessarily punish small businesses and community banks.'" In response to Bachmann's legislation Representative Barney Frank said, "Michele Bachmann, the Club for Growth, and others in the right-wing coalition have now made their agenda for the financial sector very clear: they yearn to return to the thrilling days of yesteryear, so the loan arrangers can ride again—untrammeled by any rules restraining irresponsibility, excess, deception, and most of all, infinite leverage." It was seen as unlikely that Bachmann's legislation would pass, with the "Financial Times" writing, "Like the Republican move to repeal healthcare reform, Ms. Bachmann's bill could be passed by the House of Representatives but be blocked by the Senate or White House."