financialservices.house.gov
Cmte Financial Services (R)
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Still More Evidence Dodd-Frank Harms Hardworking Americans
Washington, Jan 5 -
Not surprisingly, the new report from the Government Accountability Office (GAO) indicates an “increased compliance burden” among community banks and credit unions, which has “begun to adversely affect some lending activities, such as mortgage lending to customers not typically served by larger financial institutions…” Meaning that, once again, we see that this law supposedly intended to rein in Wall Street is hurting Americans on Main Street. And it’s not going to get better. As the GAO reports, “the full impact of the law remains uncertain” because the “array of new regulations” spewing forth from Dodd-Frank have yet to be finalized and fully implemented. Small hometown banks and credit unions tell the GAO the “trickledown effects” from this future “one-size-fits-all regulation” will fall on them. The GAO report comes on the heels of a similar study by the Dallas Federal Reserve, which concluded that in the onslaught of Dodd-Frank regulations “more banks may become too small to succeed.” The Financial Services Committee is working to change this. In 2015, 28 of our Committee bills were signed into law, including 6 dealing with Dodd-Frank. In 2016, we’ll be working to present visionary proposals laying out a better vision for financial reform – bold ideas that promote more opportunities for low and moderate-income Americans, protect taxpayers from future Wall Street bailouts, and empower families and individuals to achieve financial independence. You can join our efforts and track our progress by signing up for regular updates here.
It’s been a rough start to the year for the Dodd-Frank Act, as yet another nonpartisan study finds evidence that the massive law harms Americans.