Hensarling Statement on President Trump's Meeting with Community Bankers
March 9, 2017 -
House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement today on President Trump’s meeting with community bankers to discuss the difficulties they have faced under the Dodd-Frank Act.
“It is encouraging to have a president who is listening to the concerns of community bankers who have been buried under an avalanche of burdensome regulations as a result of Dodd-Frank. We are losing, on average, a community financial institution a day because of the sheer size, weight and complexity of these regulations that prevent community banks from serving their customers.
“I heard from one such community banker recently who said that Dodd-Frank has significantly reduced his bank’s ability to serve their customers. He explained, ‘I had a number of people tell me that [our bank] gave them their first loan, probably when they didn’t deserve it. Today, they are business and civic leaders. I guess we made the right call then. However, today we cannot make that call. Washington has already made that call, and the answer is no.’
“This is unacceptable.
“No bureaucrat in Washington should stand in the way of hardworking Americans’ opportunities to access the kind of services they want and need.
“Republicans on the Financial Services Committee are eager to work with the President and his administration this year to fulfill the pledge to dismantle Dodd-Frank and unclog the arteries of our financial system so the lifeblood of capital can flow more freely and create jobs. The Financial CHOICE Act, our bold and forward looking plan, replaces Dodd-Frank with new policies to protect consumers by holding Wall Street and Washington accountable, end bailouts and unleash America’s economic potential.”