Vice President Mike Pence said repealing Dodd-Frank remains one of the top goals for him and President Donald Trump.
Speaking before the congressional Republicans’ retreat in Philadelphia, Pence assured the assembled GOP lawmakers that eliminating Dodd-Frank was still a priority for the nascent Trump administration.
“We will roll back the recent avalanche of regulations stifling American growth starting next week,” Pence said. “It means slashing tax reform, slashing rates for businesses and working families, passing regulatory relief of the CRA to prevent bureaucrats from crushing the economy and the American people’s dreams from the comfort of taxpayer-funded offices in Washington D.C., and it means dismantling Dodd-Frank’s laws and overbearing mandates so that well-capitalized, well-regulated banks can meet the needs of small businesses.”
Pence remarked on an encounter on the campaign trail between President Donald Trump and the owner of two pizza parlors in Nevada who claimed Dodd-Frank’s regulations kept him from obtaining a loan to open a third location.
“I want to promise to you, we’re going to work with each one of you to make it possible for resources to be available so small business can thrive in America once again,” Pence said.
Shortly after Pence spoke before the retreat, House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued a statement agreeing with him and reasserting his commitment to tearing down Dodd-Frank.
“No bureaucrat in Washington should be able to tell hardworking Americans what kind of credit card, bank account, mortgage or retirement advice they can have, but that’s exactly what Dodd-Frank does,” Hensarling said. “As the President and Vice President have said, Dodd-Frank makes it harder for people to get loans to buy a home or start a small business. Consumers are paying more in fees and are losing benefits and access to services they want and need.”
Hensarling said Dodd-Frank’s regulations give Wall Street a competitive edge over community banks and credit unions, and instead of ending the era of “too big to fail” institutions it codified bailouts for big banks.
“Fulfilling the Trump Administration’s pledge to dismantle Dodd-Frank this year is essential to leveling the playing field, building a healthy economy and offering every American greater opportunities to achieve financial independence,” Hensarling said.
Hensarling promoted the “Financial CHOICE Act” as a replacement for Dodd-Frank, claiming its new policies will both reignite American economic prosperity while holding both Wall Street and Washington accountable.
“Replacing the Dodd-Frank mistake is necessary if we ever hope to enjoy a healthy economy and make America great again,” he said.
To read the text and watch video of Pence’s speech, click here.