Political Quotes

“today I rise in support of the Economic Growth, Regulatory Relief, and Consumer Protection Act which is being considered on the Senate floor for this week. As a member of the Senate Banking Committee, I am pleased to be an original cosponsor of this important legislation which will provide much needed regulatory relief to our community banks and credit unions whose ability to serve their customers has been made more difficult since the passage of the Dodd- Frank Act. 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 and onerous new regulations. It is 2,300 pages in length and created more than 400 new rulemakings, which led to 27,000 new Federal mandates on American businesses. This limits the ability of our financial institutions to grow and serve their customers, especially for smaller banks in rural areas such as in my home State of South Dakota. Just last summer, the U.S. Department of Treasury reported that the regulatory burdens of Dodd-Frank have reduced economic growth and ``undermined the ability of banks to deliver attractively priced credit in sufficient quantity to meet the needs of the economy.'' Without question, no one wants to repeat the events that contributed to the economic recession that began in 2008.…”