An Anniversary That Shouldn't Be Celebrated
Two weeks ago was the fifth year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act – a 2,300 page law that has blanketed our entire financial system with more than 400 costly rules and regulations.
Just as we have found out that the Affordable Care Act is not affordable, we are learning that Dodd-Frank doesn't do what its full name suggests either.
In Texas, which is one of the healthiest economies in the nation, 115 small banks have closed their doors. Considering community banks and credit unions issue 51 percent of business loans under $1 million, the consequences of Dodd-Frank have tricked down from the president's pen to everyday hardworking Americans.
Unfortunately, today, because of the Obama Administration, the risk of achieving the American Dream is no longer worth the possible reward.
Click here to watch me speak on the five year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Congressman Randy Neugebauer and I wrote an op-ed in American Banker about how Washington's one size fits all regulations, like Dodd-Frank, are killing community financial institutions and Main Street American businesses. As a former community banker and small business owner, we have seen these effects firsthand. Click here to read our opinion piece.
Protecting our Service Members on Post
Our nation's brave men and women are continuously under threat from Islamist extremists and the deranged, and the attacks at Fort Hood and the Washington Navy Yard and the most recent murders in Chattanooga are proof that the threats are real.
At the end of the day we need to make sure our service members can protect themselves. As I said in theKilleen Daily Herald, until I see a better plan than what we have now I will consider supporting legislative efforts to arm soldiers on post.
I thank those who have taken it upon themselves to ensure the safety of our men and women in uniform.
Last week, a member of my staff brought water to Operation Hero Guard. They were watching over Cleburne's U.S. Armed Forces Recruiting Station in the 100 degree heat.
Rep. Williams' "Licensing Efficiency" BillPasses Committee Unanimously
On Wednesday, the Financial Services Committee passed my bill, the State Licensing Efficiency Act of 2015, by a vote of 57- 0. This common sense, bipartisan legislation allows the states to use a federally accepted registry to expedite required background checks on state-regulated financial services industries.
The current background check process is inefficient, but this registry has a proven track record of being effective while also reducing regulatory burden.
This is proof that in Washington it is still possible to find common ground on common sense solutions to everyday problems. This bill, which is one step closer to becoming law, is part of my larger goal in letting the states pick up where the federal government falls short.
A Break in Session but Much Work Remains
This week marks the beginning of a five week recess in the U.S. House of Representatives. This break is undeserved. Half of the government funding bills have yet to be voted on before the end of the fiscal year on September 30. We must deal with highway funding, the debt ceiling and the Iran agreement, which neither protects the interests of the United States nor our allies. Simply put, we have plenty of work in front of us.
While I cannot control the congressional calendar, I plan on using this August recess back in the district to listen to those whom I represent. I already have events lined up from Cleburne to Austin and everywhere in between.
Check out my Facebook and Twitter pages to keep up to date on where I am and who I'm with. I can already tell you it feels great to be back in Texas.
As a second generation car dealer and business owner I explained to my colleagues that in industry and the free market it is the customer who sets the guidelines, not the federal government. Click here to watch me speak in committee.
Sincerely,
Roger Williams
Member of Congress