User Clip: 180312 Cornyn Said Dodd-Frank Harmed Community Banks

"Since the passage of the Dodd-Frank legislation in 2010--as we all recall, after the great recession of 2008, when Wall Street melted down together with our financial institutions, there were reform efforts undertaken known as Dodd-Frank--Senator Dodd and Congressman Frank--which imposed regulatory requirements on banks large and small. The problem is, the small community banks--the ones that are disproportionately harmed by this overregulation--weren't the cause of the great recession, the financial meltdown of 2010 and 2009, but they are the collateral damage. What has happened is, there has been a lot of consolidation. Many small community banks and credit unions have simply had to close or been consolidated with other larger banks and institutions. It has taken a toll on our economy, and it has taken a toll on our communities across the country." close