Under the promise of ending future bank bailouts, enhancing consumer protection, and boosting our overall economy, the President signed Dodd-Frank into law. 

Five years later, the concept of “too-big-to-fail” is stronger than ever, we are losing community financial institutions at a rate of about one per day, business formation is at the lowest point since the Carter Administration, and consumers are hurt by fewer choices and higher fees.

Hardworking Arkansans and Americans were sold a bill of goods on Dodd-Frank, and instead of addressing the true cause of the crisis—misguided housing policy—the law has only increased burdensome regulation and restricted Main Street’s access to much-needed credit and capital.

As a community banker, I know personally the immeasurable role smaller financial institutions have on local economies. I also know firsthand the harm that Dodd-Frank and overregulation have on smaller banks.

Bankers feel distracted and overwhelmed by the size, scope and complexity of the rule changes in Dodd-Frank. But despite all the burdens Dodd-Frank is placing on real economic growth, I am encouraged by the willingness of both parties in Washington to enact policies that will guarantee a safe and sound financial system, enhance U.S. competitiveness, and ensure consumers have access to safe and affordable credit.

Sincerely,

Representative French Hill