PHILADELPHIA–The dismantling the Dodd-Frank Act received a fair amount of attention during a retreat here for Republican lawmakers that was also attended by President Trump and Vice President Pence.
In remarks to the assembled lawmakers, Trump said his administration will seek to pursue financial reforms to “help striving Americans” get the credit they need. Pence called on GOP lawmakers to dismantle the Dodd-Frank Act so that “well-capitalized, well-regulated banks can meet the needs of small business, which is the engine of American job creation and prosperity.”
Rep. Jeb Hensarling (R-TX), who chairs the House Financial Services Committee, again extolled his “Financial CHOICE Act,” which contains a number of regulatory relief measures that are backed by credit unions, including repeal of the Durbin Amendment.
“Instead of ending ‘too big to fail,’ Dodd-Frank institutionalizes bailouts for big banks,” Hensarling said in a statement. “Dodd-Frank’s regulations give Wall Street a competitive advantage over community banks and credit unions. In fact, since Dodd-Frank became law the big banks have gotten bigger and the small banks are fewer. Fulfilling the Trump administration’s pledge to dismantle Dodd-Frank this year is essential to leveling the playing field, building a healthy economy and offering every American greater opportunities to achieve financial independence.”