Martha Roby: “Since the enactment of Dodd-Frank in 2010, a total of 357 financial institutions have been forced out of business. Four…”

“Since the enactment of Dodd-Frank in 2010, a total of 357 financial institutions have been forced out of business. Four community banks in Alabama are on that list. That amounts to nearly $7.5 billion less in Alabama's economy that could be lent to small businesses and farmers. In all, nearly 20 percent of Alabama's community banks have either closed or been forced to merge under Dodd- Frank. Why is this happening? Because homegrown banks can't keep up with the crazy compliance costs that Dodd-Frank mandates. Here is an example: One credit union in Alabama's Wiregrass region, their compliance department size has tripled. They estimate that these new costs have limited their growth by as much as $60 million. That is not right. Hometown lenders in Alabama didn't cause the financial crisis of 2009, but now they and their customers are paying the price. There is no question we need strong laws to govern our financial markets, but Dodd-Frank is not the answer. We now have a chance to fix this broken law, untangle this regulatory web, and unleash the capital investment that is so crucial to economic growth. I urge my colleagues to support the CHOICE Act. ____________________”