Posted: March 28, 2014
Dodd Frank has been great for big banks. Under Dodd Frank, big banks have gotten even bigger and smaller local banks have been crushed under regulations and the fact that compliance with 19,000 regulations is both expensive and time consuming. Tom Udall voted for Dodd Frank, applauded it, and has to live with his vote. This article discusses Dodd Frank and its affect on many New Mexico communities. This comment sums up the feeling of the entire article:
“Sean Ormond, President of First New Mexico Bank of Silver City has an idea on how to jump start the economies of New Mexico rural communities and those throughout the nation: exempt community banks from the Dodd Frank Act and its tsunami of new regulations.”
In addition, remember that Dodd Frank was a God send for lawyers, big banks and Wall Street. There have been few criminal prosecutions of major players in this economic meltdown and, despite what it says it would do, it does things entirely different. Tom Udall should read the bills before he votes on them. But then, he would have to vote against his party. No politician wants to be accused of thinking independently.
Full article here >>>.