Roger Williams Talks Dodd-Frank on House Floor

WASHINGTON, D.C. – Congressman Roger Williams (R-Texas), a small business owner and member of the Financial Services Committee, joined his colleagues on the floor of the U.S. House of Representatives to speak on the fifth year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"The crippling effects of Dodd-Frank have trickled down from the president's pen to local job creators who had nothing to do with the financial crisis," said Williams. "The costs have been passed along to them. It isn't right. It isn't fair.

"Under President Obama and his administration, the risk of running a business is no longer worth the possible reward, and that's a problem."

The Congressional Budget Office and Government Accountability Office have both estimated that Dodd-Frank costs $3 billion to implement and will result in nearly $27 billion in private-sector fees, assessments and premiums.

On Tuesday, Williams and Rep. Randy Neugebauer (R-Texas) published an op-ed in American Banker explaining how Dodd-Frank has resulted in the closing of community financial institutions, responsible for 51 percent of small business loans.

Last week, Williams introduced the Community Financial Institution Exemption Act that would require the Consumer Financial Protection Bureau (CFPB), a product of Dodd-Frank, to explain to community banks and credit unions why they are not exempted from certain CFPB rules and regulations as permitted by law.

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