Hultgren: Don't play partisan games with financial reforms
An Illinois congressman wants to make sure the financial reforms passed in June in the U.S. won't fall victim to partisan gridlock in the Senate.
Rep. Randy Hultgren, R-Plano, is co-sponsoring a number of bills that would ease the regulatory burden on community banks and credit unions.
A number of the changes are in the Dodd-Frank repealing CHOICE Act and are awaiting consideration in the Senate. But, should the CHOICE Act fail to make it out of the Senate, Hultgren still wants changes that would prevent U.S. presidents from using banking regulations to punish businesses they don't like and place the Consumer Financial Protection Bureau under Congressional oversight.
"We're going to continue to put over pieces of the CHOICE ACT and some new ideas as well that will bring relief to community banks and credit unions," Hultgren said.
Since Dodd-Frank's passage in 2010, more than 1,000 small banks and credit unions have closed or merged with larger banks more able to employ the legal muscle needed to comply with the thousands of pages of regulation created because of the 2010 banking reforms.
"A lot of these smaller local-focused institutions that really know and care about our communities are gone," he said. "Either they've closed their doors or they've been sold out to the big guys."
Critics of the CHOICE Act and its reforms say that banks will be able to resume making risky loans that caused the Great Recession. Hultgren contends that credit unions and community banks didn't cause the Recession.