Tag: Dodd-Frank

A Look Back at this Session

Yesterday marked the last day of session for the U.S. House of Representatives until September. (The same does not hold true for the U.S. Senate, who will stay in Washington through August due to historic obstruction by the Democrats.)

As I headed back to Minnesota to continue working in the district, I reflected on the House’s accomplishments so far for you and your family. After years of struggling to not just get ahead, but to keep up, Americans are finally starting to see opportunity, jobs and confidence come back.

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Repealing the Dodd-Frank Disaster

Repealing the Dodd-Frank Disaster

Yesterday, the U.S. House sent the largest pro-growth, deregulation bill in decades to President Trump’s desk. Today, I was fortunate to be at the White House and watch as he signed it into law.  S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act will roll back some of Dodd-Frank’s most harmful regulations to small financial banks and credit unions.

The bottom line: Dodd-Frank did not work. Both chambers (and both sides of the aisle) agree that the “one size fits all” regulation style from Washington has done little but destroy economic potential and left Main Street – quite literally – to pay the price for a crisis for which they were not responsible.

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Big Things Happening in Washington D.C.

Last week was a busy week in Washington, D.C. While the daily news may lead you to believe otherwise, there was certainly more going on in our nation’s capital than the testimony of former FBI Director James Comey. In fact, there were big things happening.

On Thursday, the U.S. House of Representatives passed a major financial reform package called the Financial CHOICE Act. This legislation aims to overhaul Dodd-Frank, which was enacted seven years ago. While we can all agree something needed to be done after the financial crash in 2008, what we got was a one-size-fits-all, top-down regulatory regime stifling community banks and credit unions, hurting consumers, and damaging Main Street America. In total, Dodd-Frank handed down nearly 30,000 new regulations that account for almost $40 billion in compliance costs for our financial services industry – costs that have been handed down to you and me. Dodd-Frank wasn’t fixing things; instead, it was making them worse.

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