Graves Votes to Repeal Dodd-Frank, End Era of Big Bank Bailouts
Washington, D.C. – U.S. Representative Sam Graves issued the following statement after today voting to repeal the Obama-era law known as Dodd-Frank. Graves opposed the bank bailouts after the 2007-08 financial crisis, while also voting against allowing the federal government to bail out the auto industry. H.R. 10 passed the House by a vote of 233-185.
“Just like we see all the time when Washington tries to step in and fix all of our problems, Dodd-Frank caused more harm than good, and it hurt the same people it was supposed to help,” Rep. Graves said. “What’s worse, it hit rural America the hardest, allowing big banks to get bigger while crushing small businesses and farmers’ ability to get the loans they need. The bill passed today repeals 'too big to fail,' and makes taxpayer bailouts of Wall Street a thing of the past.”
Since Dodd-Frank was passed in 2010, community banks unable to comply with the law’s costly rules and regulations have been closing in record numbers. And while corporations in big cities can access capital from large banks, that’s simply not the case for many businesses and job creators in Missouri. Ultimately, the consequences of Dodd-Frank put small communities at a disadvantage, making it harder for entrepreneurs and farmers in rural areas to take out loans that keep their businesses growing and put Americans to work.
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