Rolling Back the Regs: Young Promises Reform for Banks, Credit Unions
WASHINGTON, D.C.--Hoosier banks, credit unions, small businesses and people who use them have been hurt by the Dodd-Frank regulations from the Obama administration, said Sen. Todd Young. He said he's working on a law that would help rescue some of the Hoosiers businesses from the one-size-fits-all regulations.
Young said the Economic Growth, Regulatory Relief, and Consumer Protection Act, reforms regulations that harm creditworthy businesses and individuals by subjecting small lenders to the same regulatory and compliance demands as big Wall Street banks.
“When the burdensome Dodd-Frank Act was enacted during the Obama administration, it was Indiana small businesses, community banks, credit unions, and the people who rely on them that suffered," said Young.
"I have long advocated for rolling back these harmful regulations, and the reforms in this bipartisan bill will provide needed regulatory relief, while maintaining important consumer protections,” he said. "They were unintended consequences, no doubt. But, it's clear the one-size-fits-all approach that Dodd-Frank adopted didn't work for Indiana's economy."
Young said when banks and credit unions are ham-stringed with regulations it means they can't loan money to small businesses, which means they can't get money they need and Hoosiers don't get jobs and get paid.
"Small businesses employ nearly one half of the private work force in the state of Indiana," said Young. "These are businesses that rely on credit unions and community banks to expand and grow."
Young said the reform that he is proposing "right-sizes our regulatory system".
“The tailored regulation in S.2155 will allow community banks to spend less time doing reports for the government and more time making loans to help consumers and small businesses," said Lucas White, president of the Fountain Trust Company in Covington.
Young said he believes some Democrats will vote for the bill because they are hearing from constituents that the regulations have hurt businesses.
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