WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) spoke on the Senate floor about the U.S. Senate’s bipartisan action to roll back significant portions of the Dodd-Frank Act and provide regulatory relief to community and regional banks across the country.
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1,700 Banks: “Yesterday, we pulled back on a blunt instrument law, Dodd-Frank, that was totally ineffective and achieved the opposite results of what it intended. Since Dodd-Frank was enacted over 1,700 small banks have gone out of business. Many because they were unable to afford to comply with the 2,319 pages and 390 new regulations imposed by Dodd-Frank.”
Bipartisan Action: “Two-thirds of the U.S. Senate put the national interests above self-interests and passed a bipartisan bill that will change the face of lending for community banks and regional banks across our country.”
Big Win: “This is exactly the kind of result the American people want us to deliver. This measured rollback combined with last year’s regulatory rollback, President Trump’s steps to unleash our energy potential, and our historic tax cuts bill will be a big win for our economy.”
Back In Business: “Large businesses are having no problems getting loans, but the small, start-up entrepreneur is having trouble today. This bill will help alleviate that. Small businesses should look at this and say we’re back in business. I believe this bill will also breathe life back into many communities around our country. These community and regional banks – and by extension communities and small businesses across the country – have been unduly punished for something they had nothing to do with, and it’s time to correct that.”
Employed Capital: “At the beginning of last year, some $6 trillion was not at work in our $20 trillion economy. That’s just unbelievable. You can’t even describe that to people outside this country. There was some $2 trillion on the balance sheets of the Russell 1,000. That is now being employed. We see news every week of companies announcing capital expenditure plans for the next few years, largely as a result of the rollback of regulations last year.”
Lending Potential: “By eliminating the archaic tax on repatriated profits in the tax cuts bill, most of the $2 trillion of unrepatriated U.S. profits overseas are coming back. This banking bill reverses some of the more onerous provisions of Dodd-Frank on community banks and that will free up some $2 trillion potential in lending capacity. I think this is historic.”
Unintended Consequences: “It happens so often in Washington where well-intended people who have very little experience in the free enterprise system make decisions that have unintended consequences, and that happened with Dodd-Frank.”
Job Creation: “We know how to create jobs. We just need to get the federal government out of the way. One-size-fits-all regulations do not work.”