Press Releases

Rep. Loudermilk (R-GA) issued the following statement after voting to repeal a portion of Dodd-Frank:

“The more bureaucrats pile on excessive bank regulations, the worse our economy gets. Dodd-Frank has served two purposes - to destroy American financial institutions, and to drain the pockets of hardworking Americans. Overly rigid government regulations stifle job growth by restricting the flow of capital from banks, causing them to focus on compliance rather than customer service. That’s why I strongly support this action. We need common sense reforms that put Americans back in the driver’s seat and foster a healthy economy that works for us, not against us.”

Background

The Systemic Risk Designation Improvement Act of 2016, H.R. 6392, significantly reforms one of the most damaging aspects of Dodd-Frank. The bill enacts a five-part standard to better define which financial institutions are considered 'too big to fail.' The current broad standard of $50 billion includes institutions that would otherwise not fit within the 'too big to fail' category, but are susceptible to the regulations designed for mega financial institutions.