Trump: ‘Dodd-Frank Has Dealt a Huge Blow to Community Banking’

TRUMP The legislation I ░░░░░░░░ signing today rolls back ░░░░░░░░ crippling Dodd Frank regulations ░░░░░░░░ are crushing community banks ░░░░░░░░ credit unions nationwide They ░░░░░░░░ in such trouble One ░░░░░░░░ fits all those rules ░░░░░░░░ don t work and ░░░░░░░░ banks and credit unions ░░░░░░░░ be regulated the same ░░░░░░░░ and you have to ░░░░░░░░ look at this they ░░░░░░░░ be regulated the same ░░░░░░░░ with proviso for safety ░░░░░░░░ in the past when ░░░░░░░░ were vibrant and strong ░░░░░░░░ they shouldn t be ░░░░░░░░ the same way as ░░░░░░░░ large complex financial institutions ░░░░░░░░ that s what happened ░░░░░░░░ they were being put ░░░░░░░░ of business one by ░░░░░░░░ And they weren t ░░░░░░░░ Since its passage in ░░░░░░░░ Dodd Frank has dealt ░░░░░░░░ huge blow to community ░░░░░░░░ As a candidate I ░░░░░░░░ that we would rescue ░░░░░░░░ community banks from Dodd ░░░░░░░░ the disaster of Dodd ░░░░░░░░ And now we are ░░░░░░░░ that commitment and all ░░░░░░░░ the people with me ░░░░░░░░ keeping that commitment Incredible ░░░░░░░░ of people Dodd Frank ░░░░░░░░ complex and costly regulations ░░░░░░░░ large banks an unfair ░░░░░░░░ advantage at the expense ░░░░░░░░ neighborhood banks all over ░░░░░░░░ country Since Dodd Frank ░░░░░░░░ passage just eight years ░░░░░░░░ 20 percent of small ░░░░░░░░ have been put out ░░░░░░░░ business They have disappeared ░░░░░░░░ banks that were considered ░░░░░░░░ big to fail we ░░░░░░░░ that many times too ░░░░░░░░ to fail had the ░░░░░░░░ to comply with Dodd ░░░░░░░░ s brutal maze of ░░░░░░░░ regulations and maybe we ░░░░░░░░ going to have to ░░░░░░░░ looking at that also ░░░░░░░░ the larger institutions because ░░░░░░░░ also are put at ░░░░░░░░ disadvantage in terms of ░░░░░░░░ money to people wanting ░░░░░░░░ open up businesses So ░░░░░░░░ we will be taking ░░░░░░░░ look at that Many ░░░░░░░░ banks were forced to ░░░░░░░░ down Regulations also made ░░░░░░░░ nearly impossible for new ░░░░░░░░ to replace the ones ░░░░░░░░ went out of business ░░░░░░░░ it totally impossible to ░░░░░░░░ up new Almost nobody ░░░░░░░░ up new In the ░░░░░░░░ scores of new banks ░░░░░░░░ every single year In ░░░░░░░░ years that number has ░░░░░░░░ again to almost zero ░░░░░░░░ community banks are vital ░░░░░░░░ local lending and have ░░░░░░░░ direct stake in neighborhoods ░░░░░░░░ their states Local businesses ░░░░░░░░ few other resources and ░░░░░░░░ other ways of getting ░░░░░░░░ And for many Americans ░░░░░░░░ small banks are the ░░░░░░░░ financial institutions in their ░░░░░░░░ community They made their ░░░░░░░░ work and they ve ░░░░░░░░ essentially shut down When ░░░░░░░░ community banks close their ░░░░░░░░ it denies small business ░░░░░░░░ everyday Americans access to ░░░░░░░░ that they desperately need.”