Kansas Governor Sam Brownback announced today he will let two bills approved recently by the Kansas Legislature become law without his signature. Senate Bill 345 and House Bill 2505 are the direct result of the Dodd-Frank Wall Street Reform and Consumer Protection Act. While serving the state as a United States Senator, Governor Brownback vigorously opposed and voted against the act.
"The passage and signing of the Dodd-Frank Act was an unprecedented expansion of federal power over the nation's economy by the Obama Administration," Governor Brownback said. "Today, the consequences of this wayward legislation are being felt here in Kansas. We are being coerced by unelected federal bureaucrats to enact bills such as SB 345 and HB 2505 that set up new regulatory frameworks not desired by Kansas voters. These federal officials are threatening to do harm to our state's economy if we do not acquiesce in passing state laws dictated from Washington."
Although real estate appraisers are already regulated in Kansas, SB 345 creates a new layer of regulation, mandated by Dodd-Frank, on real estate appraisal management companies through the Kansas Appraisal Management Company Registration Act.
House Bill 2505 amends the state's banking laws in accordance with Dodd-Frank to ensure that state-charted banks in Kansas may continue to engage in certain investment transactions to the same extent as national-chartered banks.
Brownback said he has requested Kansas Attorney General Derek Schmidt conduct an immediate review of Dodd-Frank in order to begin the process of defending Kansas from this unconstitutional incursion of federal authority over the states.
"Because we have little choice but to let these bills go into effect, I will allow them to become law without my signature. By not affixing my signature to these bills, however, I want to send a clear message that I have serious concerns about their constitutionality," Brownback said.
In addition to SB 345 and HB 2505 becoming law without his signature, Governor Brownback has signed 92 bills into law and vetoed two bills so far this session.