SENATE APPROVES PROMISING FINANCIAL REFORM LEGISLATION
(Washington, D.C.) – This week the Senate passed legislation to reform Dodd-Frank, adopting measures to make it easier for community banks and regional banks to operate efficiently and extend credit. This legislation responds to the challenging operating conditions that small banks have confronted since passage of Dodd-Frank in 2010. In the years since, many local and community banks have either closed, or merged with larger banks. If signed into law, these reforms hold the potential to improve access to credit for Hispanic small businesses and others.
Kevin Hernandez, Director of Policy for The LIBRE Initiative, released the following statement:
“While the Dodd-Frank law was touted as a way to protect Main Street, ease the burden facing small banks, and increase their ability to extend credit to small businesses and others in need, the result has been the opposite. Many small and community banks have been forced to close or to merge with larger institutions, and too many Hispanic small businesses continue to have a hard time accessing the credit they need to grow and compete better. That stifles economic opportunity and undermines job and wage growth. The reforms adopted in the Senate – on a strong bipartisan vote – are a positive step toward removing barriers that stand in the way of Hispanic entrepreneurs and small businesses from unleashing their economic potential.”