Flanders Blasts Whitehouse for Voting Against Rollback of Dodd-Frank Act

GoLocalProv Political Team

Flanders Blasts Whitehouse for Voting Against Rollback of Dodd-Frank Act

Bob Flanders blasts Whitehouse for voting against rollback of Dodd-Frank act.
U.S. Senate candidate Bob Flanders is blasting Senator Sheldon Whitehouse for voting against the rollback of the 2010 Dodd-Frank Act.

"I am encouraged to see this bipartisan legislation signed into law today that gives relief to our small and mid-sized community banks. Unfortunately for Rhode Island, their representative in the U.S. Senate, Sen. Whitehouse, by voting against this bill, has failed them once again on the issues that matter most with his agenda of radical partisanship,” said Flanders.

Those who voted in favor the bill include Democrats Sen. Kaine of Virginia, Sen. Nelson of Florida, Sen. Bennett of Colorado, Sen. Stabanow of Michigan, and New Hampshire's Sen. Hassan and Sen. Shaheen.

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According to Flanders press release, Since Dodd-Frank was signed into law, more than 20 percent of community banks have been forced to shut down.

"The important core elements of Dodd-Frank remain in place to ensure high-risk financial activity doesn't precipitate another financial crisis. However, even the law's titular co-sponsor, Barney Frank, admitted it went too far; indeed, sixteen other Democrats currently serving in the Senate agree. Time and again, Sen. Whitehouse has demonstrated he is incapable of acting in Rhode Island's best interest,” said Flanders.

He added, “Community banks are engines of growth for local businesses and have a direct stake in the communities they serve. For many Americans, they are the only way they can access the capital they need to start and grow a business or secure a mortgage. Today is a victory for Main St., small businesses, and our Rhode Island communities."


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