Rep. DeSantis Emphasizes Local Effect of Dodd-Frank
WASHINGTON, DC – Today, the House Committee on Oversight and Government Reform’s Subcommittee on Economic Growth, Job Creation and Regulatory Affairs – of which Rep. Ron DeSantis (FL-06) is Vice-Chair – held a hearing titled “Regulatory Burdens: The Impact of Dodd-Frank on Community Banking.”
At the suggestion of Rep. DeSantis, the committee invited Mr. Eddie Creamer, President and CEO of Prosperity Bank headquartered in St. Augustine, Florida, to offer testimony regarding the impact that Dodd-Frank is having on Prosperity Bank and their ability to serve Florida’s sixth district.
Mr. Creamer testified that “there are thousands of pages of state law and regulation and thousands more of FDIC law and regulations with which we must interpret and comply…Today, my senior staff and I spend in excess of 35% of our time understanding and complying with law and regulation and responding to examination and reporting requirements.” Mr. Creamer further stated that federal regulation “impedes our ability to lend, and in doing so, will stifle the economic recovery and job creation which is desperately needed in our communities.”
"Excessive bureaucracy and red tape as exhibited by Dodd-Frank and other laws hurt the ability of community banks to serve the local community, undermine economic growth and make robust small business job creation more elusive," Rep. DeSantis said. "Community banks had nothing to do with the financial crisis and yet the burdens of the bureaucracy are making it more difficult for small firms to compete with the big banks. Big government necessarily disadvantages small businesses. I thank Mr. Creamer for his testimony demonstrating the harmful effect laws such as Dodd-Frank are having on local economies."