(From Congresswoman Vicky Hartzler)
Congresswoman Vicky Hartzler (MO-4) has introduced legislation to eliminate some of the negative provisions of the Dodd-Frank Act in an effort to make it easier for locally-owned banks to lend money to small and medium-sized local businesses so they can grow and create jobs.
“Dodd-Frank was supposed to more closely monitor the big banks and create consumer confidence,” said Hartzler. “Instead, this overreaching government regulation has harmed smaller, regional banks by making it difficult for them to lend to small and mid-sized businesses through fixed rate loans.”
“Small businesses and American manufacturers need access to credit,” continued Hartzler. “Dodd-Frank contains provisions that stifle growth. It has harmed the economy and made it tougher for the free market to create jobs. We need to reverse course and get jobs going here again.”
Congresswoman Hartzler’s bill, the Small Business Credit Availability Act (H.R. 3336), would exempt small banks, credit unions, and farm credit banks from regulations that were intended to rein in the activities of large, national banks. Small banks do not have the resources to comply with these harsh regulations. Since small banks are generally more conservative in their lending decisions and make loans based on personal relationships, rather than risky speculation, their activities do not pose a risk to the global financial markets and deserve relief from the heavy-handed Washington tactics.
“I have met with bankers who have told me the real beneficiaries to this legislation are small-and-mid-level business owners seeking to grow their businesses and create jobs,” added Hartzler. “They have told me their hands are tied and that this legislation addresses fundamental problems of language in last year’s Dodd-Frank law. My bill alters Dodd-Frank to keep power at the local level. It will keep those small, locally-owned banks in business by giving them the freedom they need to more easily make loans to businesses serving their communities.”