Sean Duffy: “I thank Chairman Hensarling for all of his work on Dodd-Frank reform. I think it is important that we look back. When…”

“I thank Chairman Hensarling for all of his work on Dodd-Frank reform. I think it is important that we look back. When Dodd-Frank passed, it was passed with a blindfold over our eyes, because the studies weren't even done about what the root cause of the crisis even was. Democrats opened up their files and poured every bill they had dreamed of for 20 years into Dodd-Frank. And what did it do to my constituents, my small banks and credit unions? It made them shut their doors or made them consolidate with a bigger bank. So, now, Spooner, Wisconsin, the decisions of the bank might not be made in Spooner, but they might be made in Milwaukee or Chicago or Minneapolis. I hear my friends talk about banks doing so well right now. Yes, because there are people who want to borrow money, and the economy is doing so well, that borrowers can pay back lenders so they make a little bit of money. I think what is pretty evident in this conversation is some of my friends would prefer that we have socialized banking like socialized healthcare. Let the government, let the Democrats across the aisle run banking in America. If you are confused about this debate and whether this is a good or bad bill, just do one thing: look at where the small community banks are, look at where the credit unions are. They are clamoring for this bill, they are begging for this bill, because they can't comply with Dodd-Frank, the rules and regulations. It is putting them out of business.…”