Jeb Hensarling: Drowning Community Banks
on Friday, March 10, 2017Jeb Hensarling Money Quote saying Dodd-Frank Bank regulations have a history of hurting small local banks and compares the financial protections to torture techniques. Jeb Hensarling said:
“Washington’s regulatory waterboarding is drowning community banks and small businesses, On behalf of every hardworking, struggling American — I will not rest until Dodd-Frank is ripped out by its roots and tossed on the trash heap of history” — Jeb Hensarling
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In this quote, former Congressman Jeb Hensarling is strongly criticizing the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), which imposed new regulations on the financial sector after the 2008 economic crisis.
His view is that the extensive rules and red tape resulting from Dodd-Frank are excessively burdening small community banks and businesses (“Washington’s regulatory waterboarding”), making it difficult for them to operate and lend to customers. By saying he wants Dodd-Frank “ripped out by its roots and tossed on the trash heap of history”, Hensarling is advocating for a full repeal of the legislation.
The best interpretation is that he believes Dodd-Frank’s regulations have gone too far and are damaging the economy more than helping, particularly for smaller financial institutions and local businesses. This is a viewpoint that favors less governmental control over the financial industry.