US190 - Streamlined, Modern Financial Regulation
The Dodd-Frank financial reform law has significantly increased the costs and reduced the viability of small, community banks upon which Connecticut’s small businesses rely for business loans. This law mandated some 259 rules along with its 188 other rule suggestions – all of which will be decided by unelected bureaucrats. Financial regulation should focus on disclosure and transparency. While certain parts of the law are praiseworthy, too much is left unidentified. We must amend the regulations to make sure business growth is not obstructed and lending to Connecticut’s small businesses is trouble-free.
The Dodd-Frank bill imposed rules and regulations restricting the ability of our community banks to make loans to small businesses, stalling expansion and preventing job creation.
The Dodd–Frank Wall Street Reform and Consumer Protection Act does nothing to prevent future financial bailouts, but instead subjects the financial sector to crushing regulatory burdens – the cost of which invariably will be passed on to consumers.
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