Press ReleaseNovember 14, 2018

Ending Banking Deregulation Efforts is a Mistake, says Job Creators Network

Rep. Maxine Waters vows to cease banking deregulation that empowers small businesses

Washington, D.C. (November 14, 2018) –The Job Creators Network (JCN) criticized today’s comments by Rep. Maxine Waters, presumptive incoming House Financial Services Chair, saying banking deregulation will end next year. “Make no mistake, come January, in this committee the days of this committee weakening regulations and putting our economy once again at risk of another financial crisis will come to an end,” said Waters.

“The small business community will not allow Rep. Maxine Waters and her Democratic colleagues to rollback vital access to affordable lines of credit from small local banks,” said JCN President and CEO Alfredo Ortiz. “Democrats must recognize that banks are not boogeymen but vital institutions that act as a financial lifeline for entrepreneurs wanting to make their American Dream a reality.”

The statement by Rep. Maxine Waters is partially referring to the Economic Growth, Regulatory Relief, and Consumer Protection Act, passed this spring, which eased onerous Dodd-Frank regulations for small community banks. This legislation freed up community banks to provide the access to credit that small businesses need to thrive.

“The Job Creators Network is putting Democrats on notice,” Ortiz continued. “We will be closely monitoring the new majority in the House to ensure they don’t do anything that will roll back the incredible success small business owners have experienced over the past two years—a result of lower taxes and less red tape. We will hold them accountable.”