Rep. Jerry Moran on Thursday voiced his opposition to the new financial reform legislation passed Wednesday night by the House. The Dodd-Frank Act would impact a variety of financial institutions and market issues, including imposing dozens of new regulations on community financial institutions.
“I rise in strong opposition to the job-killing bill, H.R. 4173, the Dodd- Frank Act of 2010. All this so called financial reform legislation accomplishes is to heap additional regulation and burdens upon community financial institutions which by and large were not the cause of the financial crisis. Even worse: this legislation doesn’t adequately address the issue of the ‘too big to fail’ for Wall Street firms that were the root of the problem,” said Moran. “The added regulatory costs on the community banks in this bill will further slow job growth in our economy. In Kansas, this will especially hurt small businesses and farmers and ranchers that need loans from their community banks to help make payroll and grow their crops. The added costs of the regulations and increased capital requirements on these financial institutions will lead to an even worse credit market.”