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Westerman on Passage of Dodd-Frank Reform: “A Step Forward for Arkansas Families”

May 22, 2018
Press Release

WASHINGTON – Congressman Bruce Westerman (AR-04) issued the following statement Tuesday (May 22) upon passage of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act:

“This bipartisan bill’s passage is a step forward for Arkansas small businesses and families that rely on access to a variety of banking services in their everyday lives,” Westerman said. “When the Financial Crisis of 2008 came to a head, it was not caused by the financial mismanagement by small community banks that at the time were found across Arkansas. It was the big Wall Street banks that brought the financial system to its knees, yet the Dodd–Frank Wall Street Reform and Consumer Protection Act handed down a one size fits all fix for banks large and small. The result has been consolidation or closure of community banks across Arkansas as they struggle to keep up with regulatory requirements that punish community banks who did nothing wrong. Arkansans have been hurt as access to lending and basic banking services have tightened or disappeared from small communities all together. I thank my colleagues in the House and Senate for passing this bipartisan legislation and I look forward to the president signing this bill into law.”