The President praised the legislation for reversing “the crippling Dodd-Frank regulations
that are crushing community banks and credit unions nationwide. They were in such trouble. One-size-fits-all—those rules just don’t work.”
Trump added that “Dodd-Frank’s complex and costly regulations gave large banks an unfair competitive advantage at the expense of neighborhood banks all over the country
. Since Dodd-Frank’s passage just eight years ago, 20 percent of small banks have been put out of business—they’ve disappeared—while banks that were considered ‘Too Big to Fail,’ we’ve heard that many times, ‘Too Big to Fail,’ had the resources to comply with Dodd-Frank’s brutal maze of costly regulations.”
The President also commended the new law’s sections on strengthening protections against identity theft, expanding “crucial financial access to low-income and minority communities,” and guaranteeing “that educational and job-training opportunities are available to more families in need.” He also took a shot at one of his favorite targets, to the amusement of the legislators gathered at the ceremony.
“Today’s legislation is the next step in America’s unprecedented economic comeback,” he added. “There’s never been a comeback like we’ve made. And one day, the fake news is going to report it.”
Bureau of Consumer Financial Protection (Bureau) Acting Director Mick Mulvaney said, "I applaud my former colleagues in Congress for coming together to pass the most significant financial reform legislation in recent history
. This new law will improve consumers’ access to credit, reduce regulatory burdens on credit unions and community banks, and fuel economic growth and job creation across the nation."