On the recordMay 21, 2018
Probably the most ironically named piece of legislation outside of the Affordable Care Act would be Dodd-Frank's Wall Street Reform and Consumer Protection. Wall Street banks have only gotten bigger, and we have had more concentration of assets in fewer banks, making for greater systemic risk. Meanwhile, the small community banks on Main Street have been pummeled with a mountain of unnecessary rules and regulations. We are putting a community bank out of business one a week since 2010. 170 community banks have gone away in Texas alone. Consumer protection? There is no such thing as consumer protection with respect to Dodd-Frank. They have only had more complexity. Consumers have had to deal with more burden and higher costs and fewer choices. I support S. 2155 because I support Main Street, because I support rural America; and I support community banks, the center of economic activity in small towns all across these United States. ____________________
