FACT CHECK: Dodd-Frank Has No Connection To Community Banks Failing

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FACT CHECK: Dodd-Frank Has No Connection To Community Banks Failing

JOSH CLAIMS:  Sherrod Brown supported Dodd-Frank, which created new red tape and is causing community banks to close.

THE TRUTH:  Sherrod knows strong community banks are key to a strong economy. He supported Wall Street reform to ensure consumers are not vulnerable to predatory practices and he worked to ensure community banks would continue to thrive under this law.

1. There is no connection between the failure of community banks and Dodd-Frank. [Bloomberg, 10/5/12]

“There Is No Connection Between The Failure Of Community Banks” And Dodd-Frank.  In October 2012, Bloomberg wrote “Mitt Romney said the Dodd-Frank Act of 2010 designated five U.S. banks as too big to fail and gave them ‘a blank check,’ contributing to the collapse of smaller banks. ‘We need to get rid of that provision because it’s killing regional and small banks,’ he said, asserting it has contributed to the closing of 122 community banks.”  Bloomberg continued, “There is no connection between the failure of community banks and the provision in Dodd-Frank designed to contain the harm from the failure of a big bank.” [Bloomberg, 10/5/12]