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Public Statements

Dodd-Frank Still a Burden on Small Businesses While Unemployment Claims Increase


Location: Washington, DC

Last week, I held a hearing to review how Dodd-Frank regulations are impacting community businesses like those in West Texas. Although this mammoth legislation was written to rein in Wall Street, we're finding that it's reaching further down to Main Street than expected. We heard from a community banker from Big Spring, TX who spoke about the restrictions that Dodd-Frank is imposing on bank loans. You can read his testimony here. We also heard from small business owners who are having a hard time managing the costs to comply with this massive bill. With unemployment claims increasing dramatically in the past few weeks, according to the Department of Labor, I will continue working to decrease the regulatory burden on small businesses and community banks.

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