Trott Leads Letter to President Supporting Recent Financial Policy Executive Order
WASHINGTON - Today, U.S. Representative Dave Trott (MI-11) led members of the Financial Services Committee in a letter to President Trump underscoring their support of President Trump's core principles for regulating the financial system, which were outlined in his recent executive order.
Donald J. Trump
The White House
1600 Pennsylvania Avenue
Washington, DC 20500
Dear Mr. President:
We write to express our support for your recent executive order rolling back some of the most onerous and harmful financial regulations promulgated as a result of the Dodd-Frank Act. While these changes were sold as making the American financial system safer, they instead transferred power from Main Street to Wall Street. Our constituents have felt the negative impact of this misguided law. As big banks get bigger and community banks continue to close, Americans are finding it harder to access mortgages, business loans, and affordable checking.
The top-down, Washington centric approach facilitated by Dodd-Frank has laid way to the slowest economic recovery since 1949 and the American people have suffered. Factories remain shuttered, small businesses cannot afford to hire additional employees, and young families cannot afford to buy their first home. Dodd-Frank has inhibited the American dream for so many for too long.
It's time for relief. This critical first step will get small community banks and credit unions lending again, businesses hiring again, and restore homebuyers' access to affordable financing options. It's time to get Washington out of the way and promote truly responsive and responsible financial practices.
As members of the Financial Services Committee, we look forward to working with you to continue to shepherd through regulatory reform and promote policies that level the playing field for fair access to capital.