Daines Joins Trump To Roll Back Dodd-Frank Regulations
President Donald Trump invited Senator Steve Daines to a bill signing ceremony at the White House for legislation that will roll back disastrous Dodd-Frank regulations.
“Montana’s rural banks, credit unions and customers have been the biggest victims of Dodd-Frank,” said Daines. “It was great to join the President at the White House to finally takes steps to provide relief to our rural communities.”
The Dodd-Frank Act has done tremendous harm to Montana by eliminating small community banks and credit unions and by limiting consumer access to their services, such as mortgages and depository services.
Since the bill’s passage in 2010, the number of state-chartered banks in Montana has fallen from 64 to 44 – over a 31 percent decline – largely due to consolidation as small community banks have not been able to keep pace with the demands of the Obama Administration’s regulations. The number of federally insured credit unions in Montana has also fallen from 57 to 51 – an over 10 percent decline.