Rounds, Capito, Blunt

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

Senator Rounds: (1:46 p.m.)

  • Spoke on Dodd-Frank relief.
    • "I rise in support of the bill which is being considered on the Senate floor this week. As a member of the Senate Banking Committee, I am pleased to be a supporter of the legislation which will provide much regulatory relief to our banks and credit unions which has been difficult since the passage of the Dodd-Frank. Enacted in 2010, Dodd-Frank was an overreaction to the 2008 financial crisis. Rather than actually addressing the underlying issues that caused the financial crisis, Dodd-Frank created a massive new bureaucracy and saddled our financial institutions with burdensome an onerous regulations. It is 2,300 pages in length and created 400 new rule makings which led to 27,000 federal mandates on American businesses."

 

Senator Capito: (1:56 p.m.)

  • Spoke on Dodd-Frank relief.
    • "I wanted to come to the floor today to talk about the bill we have in front of us, Economic Growth, Regulatory Relief, and Consumer Protection Act. That's a mouthful there. But what it is a culmination and reaction to the Dodd-Frank which was created in 2008 in reaction to the financial crisis. I think it is important to note where this is directed. In Dodd-Frank so much of the focus was placed on large banks and larger institutions, but what has been lost in the debate and some of the unintended consequences is how that massive and burdensome regulatory legislation would affect the smaller banks, the community banks, and the credit unions."

 

Senator Blunt: (2:05 p.m.)

  • Spoke on Dodd-Frank relief.
    • "And if you did, that had to come out of something else, come out of the ability to to do the kind of business you wanted to do. According to the independent community bankers of America, despite holding less than 20% of the nation's banking assets, community banks fund more than 60% of small business loans and more than 80% of United States agricultural loans all in that 20% of the banking assets of the country. Furthermore, they operate in many areas where other banks don't, where they are the only physical banking presence, frankly, in one out of every five U.S counties have only one bank, and that one bank is a community bank, a small bank."