Hoeven Speech on Dodd-Frank Reform Legislation

I joined a bipartisan majority of my Senate colleagues in passing legislation to enhance consumer protections and provide regulatory relief for small community banks and credit unions. Our bill does this by reforming Dodd-Frank which imposed significant regulatory burdens on financial institutions, regardless of size or role in the financial crisis. This one-size-fits-all approach doesn’t work for North Dakota’s community banks and credit unions, some of which have had to consolidate, limiting consumer choice. The legislation we passed today will help alleviate the regulatory burden for small financial institutions to help them succeed, and at the same time, we’ve provided stronger protections for our nation’s consumers.