Political Quotes

“Mr. Speaker, I rise today on the fifth anniversary of Dodd-Frank to share a story from a small community bank that has three locations in my district. This bank is struggling due to the additional regulation that Dodd-Frank has imposed on them. They were forced to hire a full-time compliance director in addition to retaining two outside compliance firms. This has cost the bank nearly $100,000 more a year. In addition, numerous other staff members now have to take time away from revenue-generating activities to satisfy the compliance regulations of Dodd-Frank. They told me: ``Compliance has always been a cost that is just a part of our business. However, since Dodd-Frank, this cost has expanded greatly. Unfortunately, since there is no offsetting revenue for the expanding cost, we are forced to consider passing on costs to our customers with additional fees.'' Mr. Speaker, I wish I could say this is an isolated occurrence, but a recent study shows that Dodd-Frank has added 61 million hours of paperwork and more than $24 billion in final rule costs for the financial industry in this country. Nationwide, we have lost approximately 1500 community banks already. The 5 years since Dodd-Frank was signed into law have been marked with 5 years of failure. Undefeated Season Ends with State Championship Title”