Taking a different approach than other Republicans on why Dodd-Frank needs to be reformed, Rep. David Kustoff, R-Tenn., penned a commentary for CNBC, explaining how the act has “stifled the American Dream — for half of the country.”
While several representatives have stepped outside of the Beltway to air their opinions on the constitutionality of the Consumer Financial Protection Bureau, Kustoff wrote from the angle of how the law impacts small businesses and jobs.
From the article:
Our smaller communities and hopeful entrepreneurs have been shut out. Those who are seeking to start or grow their small business are incapable of accessing the capital necessary to merely plant both feet on the ground. Favorable stock market figures aren't translating to the average American's paycheck.
In deeming a select group of banks "too big to fail," Washington saved Wall Street from collapse, but as a result, unelected bureaucrats and overregulation handcuffed community banks, regional banks, credit unions and other lenders.
Kustoff argued that in order for smaller financial institutions to survive and grow, Congress must roll back some of the heavy-handed Dodd-Frank provisions.
To put it in perspective, he added that in 2014, the number of small businesses added to the economy was 650,000 firms short of the average. That translates to a loss of roughly 6.5 million jobs.
Kustoff pointed to the work of Financial Services Committee Chairman Jeb Hensaling, R-Texas, as a strong place to start for reform.
From the article:
The financial-services committee has already hit the ground running on legislation that will dismantle Dodd-Frank and open the door for all Americans to achieve financial independence. I am encouraged by the ambitious and productive schedule Chairman Hensarling has mapped out.
Earlier this week, Hensarling released a chart comparing new provisions of the CHOICE Act, dubbed 2.0, to the original Republican-led replacement of Dodd-Frank.
Sarah Rozier, communications director for the Financial Services Committee, stated in a comment that the updates to the Financial CHOICE Act will be released in the next few weeks.