During an interview with Stuart Varney on the FOX Business Network, Senator John Kennedy (R-LA) outlined his proposed bill that would tackle Dodd-Frank and provide relief for small financial institutions.
“It says if you’re a bank or a credit union in America, and you have assets less than $10 billion, then you’re exempt from Dodd-Frank. It’s very simple,” Kennedy said.
Kennedy argues that the roughly 2,300 page financial reform legislation following the 2008 financial crisis passed by the Obama administration did nothing but “kill jobs for our community banks and credit unions” and did exactly the opposite of what the bill was supposed to prevent.
“They’re [small banks and credit unions] either going out of business, or they’re selling, or they’re merging, and ironically, what that does is concentrate the assets, which Dodd-Frank was supposed to combat – it just makes no sense.”
President Trump has said he wants to “do a number on Dodd-Frank” and signed an executive order, as well as two memorandums on Friday that took the first steps toward tax reform and targeted the massive piece of financial legislation.