Pittenger on 5th Anniversary of Dodd-Frank

Statement

Wednesday evening, Congressman Robert Pittenger addressed the U.S. House of Representatives on the fifth anniversary of the Dodd-Frank financial reform legislation.

"Unfortunately, Dodd-Frank has made it incredibly difficult for American small businesses to raise capital, and for the first time in 35 years, small business deaths have outnumbered small business births. Dodd-Frank was supposed to protect the American people. Instead, it's hurting the economy and costing jobs, particularly low and moderate income families.

"I am not anti-regulation, but the pendulum has swung too far. Unfortunately, Dodd-Frank goes overboard, fixing problems that don't exist and ignoring the root cause of the financial crisis, which was the government requirement of easy credit for those who were a credit risk.

"We've all been told that Dodd-Frank ends "too-big-to-fail.' This act did not end "too big to fail.' It glorified it into law. Dodd-Frank is too big, and it's failed the American people."

Congressman Pittenger (NC-09) serves on the House Committee on Financial Services. Prior to serving in Congress, he served as director of a community bank and built two successful small businesses from scratch.

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