Commentary: Congressman Steve Pearce released the following statement on the signing of the Dodd-Frank Act seven years ago:
“Today marks the 7th anniversary of the Dodd-Frank Act, creator of the Consumer Financial Protection Bureau (CFPB). Out of all the impacts of Dodd-Frank, it is the damaging effects that the CFPB had on small and rural communities that stands out the most. What was supposed to serve as a consumer watchdog, quickly evolved into a machine that over-regulated our local banks out of existence. I have spent the last 20 years fighting for New Mexican families’ way of life, yet CFPB has continually made it harder for people to buy a home and help their family grow.
Community banks in rural areas all across America did not create the crisis we faced in 2008, yet they are the ones being held responsible. The bottom line is, Wall Street is not going to come to our communities to lend for manufactured housing, to help our local businesses grow, and make our communities prosper. I have and will always support our local communities and will continue working so they have access to the services they need; so when I talked about making changes to Dodd-Frank Act, I talk about protecting and improving our communities in New Mexico.
I couldn’t stand by while New Mexicans watch opportunities to own their first home or afford home repairs disappear. That is why I have fought for the Financial CHOICE Act, to do away with Dodd-Frank and reform our financial system so that hard-working people and families come first. I’ll continue to fight to fix the real root problems in our financial system.”