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.
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.