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Thursday, July 19, 2012

Hearing: How DFA Affects Local Communities

Jim Purcell, president and CEO of State National Bank in Big Spring, Texas, today will testify on behalf of his bank at a House Financial Services’ Oversight and Investigations Subcommittee on the Dodd-Frank Act’s effect on families, communities and small businesses. The hearing will begin at 10:00 am.
In the end, the best way to protect consumers is not to create new federal bureaucracies that impose huge regulatory burdens on banks. The best protection for consumers is to promote a banking system rooted in the relationship between a community and the community’s banks—where the bank knows its customers, and the customers know their bank. Dodd-Frank’s supporters may well have believed that the new law would protect consumers, but in fact it accomplishes the opposite.
Read Purcell’s testimony and watch the hearing live.

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