Friday, June 09, 2017

Billy Long: It is time to replace Dodd-Frank

(From Seventh District Congressman Billy Long)

Stop me if you've heard this one. A grandpa walks in a bank where he's done business for 50 years and says, "Loan my grandson $10,000 to buy his first truck and I'll guarantee the note." We've all heard that one a thousand times and the loan was always approved. That’s not the case anymore. Banks and customers operating this way have gone the way of the Edsel since the advent of Dodd-Frank.

Following the financial collapse in 2008, the Obama Administration took aim at Wall Street and big banks and signed into law the Dodd-Frank Act, which was intended to rein in risky lending choices from big banks that led to the collapse. Dodd-Frank created over 27,000 regulations, and the result is that community banks struggle to survive, big banks are bigger than ever and “too big to fail” is the law of the land.

The American people deserve better and that is why I voted in favor of the Financial CHOICE Act. This bill finally ends “too big to fail” and will make sure Wall Street and big banks are held accountable for their actions while providing regulatory relief for small banks. Taxpayers will no longer be hung out to dry when big banks make a mistake, and taxpayer-funded bailouts will be a thing of the past.

Dodd-Frank hit small banks and community banks the hardest with its excessive rules and regulations. These banks make up 77 percent of the country’s agriculture loans and over 50 percent of small business loans, so easing the burden on them is crucial. Unlike bigger banks that have the financial means to hire lawyers to navigate through all of Dodd-Frank’s red tape, small banks and community banks do not. The result is that thousands of community banks have closed since Dodd-Frank’s enactment, and small business lending has continually declined. The Financial CHOICE Act eases the regulatory burden for small banks and allows those banks to utilize their resources in areas that help their businesses grow.

Finally, the Financial CHOICE Act helps consumers. Under Dodd-Frank, consumers are still being hit with higher bank fees, higher mortgages and limited choices. Small banks and community banks continue to be strapped down with regulations, and taxpayers continue to pay for big bank bailouts. The Financial CHOICE Act increases choices, better protects consumers against fraud and allows more economic freedom.

Replacing Dodd-Frank and cleaning up the mess it has made for many Americans could not come soon enough. The Financial CHOICE Act will do just that and provide relief for many Americans. I will continue to work hard fighting burdensome “Washington” regulations and make sure that this bill is passed by the Senate and signed into law by the President.


Anonymous said...

Ok, so maybe Dodd-Frank is a problem. But if Bubba wants it gone then something is amiss and most probably led by the "too big to fail" banks. The big ones got the world in a mess and the republicans are now trying to make them bigger and take over the smaller banks. They cannot stand competition in any way and one way is to pave a new highway for them to zoom in swoop up the small guys. Uh, does the newspaper problem give you an idea and then there is the TV stations being gobbled up by big news groups. Our news is now the speakers stand for whatever the owner wants to spew forth for the huddled masses to take in and digest as the gospel.

Why do realtors still get the same percentage on sales when housing prices have gone up 10 fold while salaries are up only two fold over the last 20 years? Uh, do not realtors have a price fixing scheme set up as they all charge the same fee? Where is fair trade and open market on that one?

Anonymous said...

8:10 The National Association of Realtors, the ultimate in Unionism. Why doesn't Mr Long introduce a bill that allows free access to the MLS? You know, just like the Right to Work scheme they are running. I don't want my real estate fees going to political activities that I don't believe in, right?

Harvey Hutchinson said...

Great analysis Congressman Long. Thank you for looking out for all the little people in SW MO!

Reolys at 8:10 and 9:41 am are both full of fallacies

Harvey Hutchinson 303-522-6622 voice&text

Anonymous said...


Do you remember the financial crisis of 2008 that Bush left us? Everyone's 401k was reduced by 30%+, and took years to rebuild to 2008 levels. Did you not have one? Is that why you don't remember? Dodd-Frank law was a bi-partisan effort to make sure that bullshit didn't happen again. Now you, Long and Republicans want to do away with safeguards in finance, the environment, healthcare, climate change, and the freaking National Parks. Long and your party are only looking out for yourselves. I find you both disgusting.

Aaron said...

I like all of these anonymous attacks. If you feel like saying something, at least let people know who you are.

Hugh Janus phone 606 0842 said...

Anonymous comments offend the Crown.

Going back to the founding fathers!

Hugh Janus phone 606 0842 leave message if no answer!

Anonymous said...

As if Aaron and Huge Anus aren't anonymous, but Harvey advertises his ignorance.

Anonymous said...

Please point them out with links to the sources.

If you are going to debate, do it right.

Anonymous said...

@ 6:40

There isn't anything here that you can't google. Wikipedia the sources to determine the slant of the source, and voila, you have an educated guess to which statement is factual and which is bunk.

Anonymous said...

And that is how you debate?

Oh how far we have come... Our forefathers used facts, theories, great writings, and intelligence to write our Constitution. Now Google it for yourself because I may have to prove our point. LAZINESS! Intelligent conversation requires examples and points. Without it, one becomes a resounding gong.

Anonymous said...

@ 6:48

Sanctimonious much?! You want to go Jeffersonian on Havey, Huge Anus, or Aaron, well have at it Huckleberry! This isn't a debate, these are comments based on the above story. You want to call bullshit, call it, and post your sources to prove it. Tell me, is ABC, NBC, CBS, CNN, MSNBC, etc...FAKE NEWS or fairly reliable? Or is it only FOX, Breitbart, Liberty, are FAKE NEWS or fairly reliable? Expect your sources not to be considered FAKE, so by all means jump into the fray and enlighten us with your wisdom.

Anonymous said...

And now coarse language... Here comes the end of the republic.

Anonymous said...

There lies the problem. We use rough language and see how we can out yell the other. You listen to radio talk shows and you hear hosts scream at their guests. This may be a blog, but it is an exercise of free speech, granted by the First Amendment. As citizens, we need to engage in a level of conversation with facts, theories, etc to try to solve problems. If we cannot utilize it here on a simple blog, how can we expect it when it comes to decision making.

I urge all people to look at the Constitutional Convention (which by the way, Jefferson was in France at this point). The men talked and worked out issues. Our country is no longer a country of compromise- all sides want to win the argument, but the people lose.

We do need to look at how we discuss issues. Each side has good points, we need to listen to each other.

Anonymous said...

@ 5:46

You can practice eloquence in discourse, and it be equally disdainful. In South Carolina, to this day, you can hear a genteel Southern belle berate a northerner in the sweetest, beautifully crafted reply and the slur, though eloquent remains a slur. The problem today is the proliference of "news" sources that are not news, but opinion presented as fact. Many, included in this blog, interpret it as such and refute your sources as "fake news". Confirmation bias is the order of the day, if you believe something to be true, you can certainly find numerous sites on the internet which back your claim.. Is that right or wrong, it doesn't matter, it is what it is. If you can't dazzle them with brilliance, baffle them with bullshit. Good luck with your efforts to change society, many have tried and failed.