Heitkamp, Perdue, Corker, Tester

Motion to Proceed to the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155)

Senator Heitkamp: (2:52 p.m)

  • Spoke on Dodd-Frank relief.
    • "When I was going around the state in 2012 talking to folks who had opinions about the federal government, one of the things I frequently heard was from my small credit unions and my independent community bankers and my bankers because the north Dakota independent community bankers frequently tend to be members of the North Dakota banking association. They said one thing to me that really resonated. And that was how is it that Dodd-Frank which was supposed to deal with the largest lenders in this country, the largest institutions of this country, how is it that you have this Dodd-Frank bill that was supposed to stop too big to fail and it has become too small to succeed?"

 

Senator Perdue: (3:02 p.m)

  • Spoke on Dodd-Frank relief.
    • "These onerous rules subjected the same regulations to these small lenders as are now being affected on the may - major four or five banks. Compliance costs for community banks have risen by 4% or 5%. I think it's much higher than that. I met with a regional bank from Georgia. Their compliance costs have gone up $400 million because of Dodd-Frank. That's money that could be in the community in the form of loans. And yet, it's now coming in the form of higher compliance costs. Some of those are fines, by the way, Mr. President, coming to the federal government up here. That's another topic for another day that we don't address in this bill."

 

Senator Corker: (3:12 p.m)

  • Spoke on Dodd-Frank relief.
    • "So we've ended up in a situation now where our community banks and credit unions that serve our communities, that cause economic growth to occur now have these large back office operations that are spread over a smaller asset base which has made them noncompetitive and made it very difficult for them to to do the jobs that we all cherish that they do back home which is help to grow those economies. So this bill is focused on them."

 

Senator Tester: (3:15 p.m)

  • Spoke on Dodd-Frank relief.
    • "It helps small businesses and startups to secure the funding they need to grow their businesses and create more jobs and it protects the small banks that serve as a corner stone of rural communities from being eaten alive by the big boys on Wall Street. This bill strengthens the rights of consumers and provides consumers with unlimited freezings. It helps tenants if a landlord is foreclosed on. It helps veteran, active duty service members, seniors, and children. Over the course of this debate, there are going to be some folks who come to this floor and ped - pedal misinformation. Let me be clear what this bill does not do. It does not roll back the regulations on Wall Street's fat cats."