Boehner's Blog 

A year and a half after being rammed into law, Washington Democrats’ job-crushing Dodd-Frank regulatory law is hurting community banks and the small businesses that rely on them.  The Middletown Journal News recently interviewed leaders of two southwest Ohio banks for a story on Dodd-Franks’ impact.  Here are the highlights:

>> New government barriers to job creation, economic growth.  “‘We’re going to have to pass on the cost of this to consumers, so the cost of them using financial products is going to be higher,’ said Stephen Wilson, chairman and chief executive officer of [Lebanon-based] LCNB National Bank.”

>> Additional fees, tighter credit, new layers of red tape, and an end to free checking.  “Customers are already starting to see debit card fees and potentially checking account fees, harder qualifications to get a loan and increases in paperwork to buy a house, said Wilson and Tim Boellner, president and CEO of AurGroup Financial Credit Union based in Fairfield.”   

>> Community banks, local economies threatened.  “Wilson and Boellner, who met for the first time for the joint interview, said the sheer volume of Dodd-Frank, at 5,382 pages, can put small financial institutions out of business… ‘We will lose credit unions and community banks from communities that really need them to drive their individual economies,’ Wilson said.”

Community banks and House Republicans – including Congressman John Boehner – opposed the Dodd-Frank bill not only because it would hurt small banks, but because it failed to reform Fannie Mae and Freddie Mac, the government-owned mortgage companies whose questionable practices sparked the economic crisis, and institutionalized the concept of “too big to fail.”

Today Boehner and Republicans are leveraging their majority to target excessive regulations – including many of the most onerous provisions in the Dodd-Frank bill that have left many Ohio community banks feeling “too small to survive.”  The House has passed the REINS Act and a number of other bills targeting the ability of unelected bureaucrats to impose job-crushing regulations under Dodd-Frank.

If you’d like to join John in the fight to cut down on needless government red tape and help create jobs, click here to join Team Boehner today!

READ MORE:

• Boehner Touts GOP’s Agenda to Remove Barriers to Job Creation as New Report Reaffirms that Uncertainty is Hurting Small Businesses
• Boehner Column: A Plan for America’s Job Creators
• Community Banks Threatened by Democrats’ Regulatory Bill
• Permanent Bailouts Will Hurt Local Banks – and the Small Businesses That Depend on Them