Hudson Votes To Reform Dodd-Frank

WASHINGTON, D.C. – Today U.S. Representative Richard Hudson (NC-08) released the following statement after the House passed the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs) Act (H.R. 10) to overhaul the Dodd-Frank Act and return control back to American workers and away from Washington bureaucrats:

Hudson continued, “Over the years, I’ve had hundreds of conversations with entrepreneurs, small business owners, farmers, families and community bankers about the harmful effects of Dodd-Frank. I met a cabinet maker in Concord who lost his line of credit – even though he never missed a payment – just because Washington bureaucrats told his community bank they had too many open lines of credit. I heard from a small community bank in Stanly County who can no longer consider a customer’s previous relationship with the bank when determining mortgage pricing because of complex CFPB regulations. And I spoke with a young farmer in my district who wants to buy land and equipment but has no way to get a loan from his community bank because of Dodd-Frank regulations. Washington’s top-down approach and web of regulations has made it more costly, and thus less likely, for hard-working people across the country to save, borrow and invest, which is why today’s legislation to overhaul the Dodd-Frank Act is so critical.”