Rick Perry: Washington’s Policies Are Causing Small Banks To Go Out of Business
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PERRY: "Well, I talked about smart regulations. There’s a difference between more regulation is what Dodd-Frank did and Dodd-Frank drove community banks out of business. I mean, we have lost huge numbers of community banks. I used to be on a small bank board back in Haskell County in Texas, and I know what these regulations are doing. I think it makes sense for us to have these big banks. You realize that the sixth largest banks in the country have 61 percent of the mortgages now. It’s a stunning number. We’re seeing Freddie and Fannie Mae back in the business of having small down payments to be able to get a loan. I mean, it is a stunning direction we’re going in this country again and it’s because of Washington and Washington’s policies that are causing this. And let me address this Federal Reserve. The Federal Reserve didn’t miss my spleen either in that remark. I said that they had done some things that were absolutely hurtful when it came to our economy. So, the Federal Reserve, Washington, D.C. and Wall Street for that matter, I laid out a clear way for us to get this country back on track. Those banks need to have more cushion, so that there can never be one of these too big to fail issues again."
