WASHINGTON, D.C. — Today, Congressman Todd Rokita released a statement after voting in favor of the Economic Growth, Regulatory Relief and Consumer Protection Act:
“I came to D.C. to cut back the red tape that stifles our economy,” said Congressman Rokita. “For too long, Dodd-Frank has kept Main Street from accessing the capital needed to grow. This bill helps provide relief needed to spur economic growth and substantially increase business opportunities in Hoosier communities.”
Rokita continued: “Passing this bill is a huge victory for my office’s Red Tape Rollback Program. It reverses major financial regulatory burdens on our economy from the Obama Administration. While there is not a one-size-fits-all solution for our financial system, Indiana’s community banks and credit unions are not Wall Street institutions, and they should not be treated as such. Instead of being beholden to bad regulations, local financial institutions deserve an environment that allows consumers to buy homes, access capital, and invest in their communities, opportunities that Dodd-Frank has prevented.”
Congressman Rokita created the Red Tape Rollback program in 2011 to work with Indiana’s business community to identify and roll back overly burdensome federal regulations that hurt Indiana’s economy. Hoosiers have identified the 2,300 page Dodd-Frank Act, which created over 400 new regulatory mandates, as a major regulatory burden. A new edition of the Red Tape Rollback Report highlighting new victories like today’s will be out later in 2018. Having passed both the House and Senate, the Economic Growth, Regulatory Relief and Consumer Protection Act will head to President Trump for signature.