Press ReleaseMay 22, 2018

Job Creators Network urges House to Pass Dodd-Frank Reform Today

Small business group says Dodd-Frank has caused a credit shortage in rural areas and small towns where community banks generate half the financing

Washington, DC (May 22, 2018) – The Job Creators Network (JCN) today called on House members to pass a reform measure scaling back some of Dodd-Frank’s harshest regulations, which have devastated community banks and are starving small businesses of credit.

“Hundreds of community banks have disappeared in the last 10 years because they can’t absorb the 400 new rules and mandates imposed by Dodd-Frank,” said Alfredo Ortiz, JCN President and CEO. “Community banks provide half of all small business loans, so this is a genuine crisis and the House has an opportunity to address it today.”

Ortiz noted that access to business credit is one of the top three problems identified by small businesses, based on the organization’s grassroots experience.

“We’ve toured the country for the last three years talking to small business owners and everywhere we go, the tell us that it’s harder and harder to get business credit,” he said. “Dodd-Frank is choking off the credit that small businesses need to grow and create jobs.”

The bill on the floor today is a compromise between the House and Senate. Some House members pushed for more sweeping changes to Dodd-Frank.

“We can’t let the perfect be the enemy of the good,” said Ortiz. “There are 30 million small businesses that employ nearly 60 million people. With 90 million hard working Americans dependent on its success, small business is too big to fail.”

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