Jack Shearing (3/13/2017)
Yesterday, Donald Trump met with more than a dozen CEOs and CFOs of community banks and pledged to lower regulations. The President says that rolling back Dodd-Frank regulations will help these banks allocate capital to small business owners and entrepreneurs. He opened the meeting by saying, “Nearly half of all private-sector workers are employed by small businesses. We must ensure access to capital to small businesses and for small businesses to grow. Community banks are the backbone of small business in America.”
The way it works now, the federal government swamps banks with heavy handed regulations that make it very difficult for smaller, community banks to keep up with all the new laws implemented on a nearly daily basis. Meanwhile, larger multinational banks can afford to hire legions of lawyers whose sole purpose is to advice the banks on the scummiest and dirtiest ways to sneak around the legislation.
By repealing the Obama era legislation community banks will be able to compete again with the billionaire big wigs that were previously protected from competition by the democrats. Thus, freeing up more money to be loaned out to the little guys.