June 9, 2017
Atlanta—Today, the Job Creators Network (JCN) applauded the U.S. House of Representative’s passage of the Financial Choice Act, which would reverse the worst aspects of the Dodd-Frank financial reforms that economists say are largely responsible for the death of community banking and pervasive lack of access to credit for small business job creators. Dodd-Frank is the longest and most complicated law in American history. Since its passage, new bank creation has essentially stopped. Given that small banks make two-thirds of the country’s small business loans, this has had a disproportionate impact on small businesses’ ability to access credit to expand and hire. JCN calls on the Senate to take up this legislation.
JCN member and Rainbow Station daycare franchisee John Sims had an op-ed in the Richmond Times-Dispatch explaining the negative impact of Dodd-Frank’s regulations on the economy and his business. Read it here.
JCN CEO Alfredo Ortiz released the following statement:
Dodd-Frank was supposed to rein in Wall Street but instead has hit Main Street. Rather than limiting the power of the big banks, it has entrenched them at the expense of community banks. The passage of the Financial Choice Act is a major part of the Trump Administration’s agenda to reinvigorate the economy by removing the financial noose around the necks of small business owners. The Senate should pass it, whether in its current form, or some more politically acceptable form. But regardless, change must happen, and happen now.