Rep. Williams Statement on Trump Dodd-Frank Review
WASHINGTON, DC – Congressman Roger Williams (R – Austin), a member of the House Financial Services Committee, on Friday released the following statement after the Trump Administration announced it would begin scaling back the Dodd-Frank Act: sweeping regulation that has blanketed nearly every aspect of the financial sector including large banks on Wall Street and small businesses and community banks.
“When it comes down to policy, Dodd-Frank is one of the most damaging laws to ever come out of Washington,” said Williams. “It is a perfect example of a knee-jerk reaction, authored and implemented by government bureaucrats who have never been in business. From first time homebuyers to mom and pop store owners, Dodd-Frank has made it more difficult to borrow money, it has increased the cost of compliance measures and it has forced community lenders out of business.”
Community banks control a shrinking percentage of the overall banking assets but make almost half of small business loans under $1 million. In Texas alone, more than 150 banks have disappeared in the past five years as a result of these costs and government intervention.
The Trump Administration on Friday announced it would also deliver a memorandum to the Department of Labor, to delay the implementation of the “fiduciary rule.” The rule, which was authored by the Obama Administration last year, would discourage financial advisers from working with smaller savers.
On Friday, Williams drafted an op-ed asking his constituents to share their personal accounts on how they have been impacted by federal regulations and taxes.
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