Congressman Francisco "Quico" Canseco (TX-23), member of the House Financial Services Committee, made the following opening remarks on the impact of Dodd-Frank during the Subcommittee on Oversight and Investigations hearing today:
"Before I came to Congress last year I spent most of my life in the private sector -- in banking and real estate and law. One thing that continues to amaze me is the complete disconnect between what goes on in Washington and the realities on the ground in our economy. Two years ago we were given a lot of promises over Dodd-Frank, but the one that sticks out the most is that the bill would "bring greater economic security to families and businesses across the country.' All it takes is a five minute conversation with a community banker, a small businessman, or a creditworthy family that can't get a loan to comprehend just how badly this promise has been broken."
"The authors of Dodd-Frank told us that they had crafted reforms that were absolutely necessary. But when you pile hundreds of new rules on top of existing rules and give greater authority to the same regulators that missed the last crisis, calling it "reform', suffice it to say, is a little ambitious."
"Mr. Chairman, the more we hear about Dodd-Frank, the less there is to like. I look forward to our committee's continued examination of this bill during today's hearing."