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Cramer to Community Bankers, Regulatory Relief Happening Under Trump

Aug 15, 2017
Press Release
Senate Should Approve Financial CHOICE Act for Main Street

BISMARCK, ND – Congressman Kevin Cramer spoke this afternoon at the Independent Community Bankers of North Dakota (ICBND) convention in Bismarck.

Annually held in Bismarck, ICBND’s theme this year is Remembering the Past, Anticipating the Future – a tribute to the association’s 50th anniversary.

Following the theme, Cramer’s remarks at the luncheon emphasized the regulatory and policy frameworks of the past, and how Congress and the Trump Administration are addressing the shortcomings of these policies for the future.

Notably, Cramer discussed passage of the Financial CHOICE Act, which gives banks practicing safe, traditional banking an ‘off-ramp‘ for many of the onerous regulations put in place as part of the Dodd-Frank Act, the legislation made law following the financial collapse.

“Before the passage of Dodd-Frank, 100 new bank charters we’re being created every year,“ said Cramer. “Since its passage, less than five new bank charters have been created total. With big banks only getting bigger, we need to enact regulatory relief that allows our smaller community banks to go about the business of serving their communities. The Financial Choice Act will do just that if my colleagues in Senate can move it through committee.“

He also discussed the promise of tax reform and the current wave of American optimism, which has spurred more than 1 million new jobs since President Trump’s inauguration.

“The growth happening in the economy today is based on our agenda to reinstitute a pro-jobs, pro-business government that gives North Dakotans living in places like Tioga or Cando, the ability to take care of themselves,“ said Cramer. “For too long, we’ve incentivized employers to not hire, and incentivized workers to not work. Through our plans for tax reform, and perhaps even an infrastructure bill, we’re making sure families and small businesses, like community banks, have the chance to flourish in the American economy.“