Bank Watch

North Carolina reacts to Donald Trump’s Dodd-Frank plan

President Donald Trump on Friday signed an executive order that will direct the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped financial regulation after the financial crisis.
President Donald Trump on Friday signed an executive order that will direct the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped financial regulation after the financial crisis. AP

From elected officials to organizations, here’s a compilation of some reactions from across North Carolina to President Donald Trump’s signing on Friday of a directive to scale back the 2010 Dodd-Frank financial-overhaul law.

The comments below came from emailed statements, press releases or Twitter.

“Dodd-Frank has been Obamacare for the financial system, causing significant harm to community banks and leading to fewer new businesses and fewer good paying jobs. In North Carolina alone, we’ve lost 40 percent of our banks over the past seven years.”

– U.S. Rep. Robert Pittenger, a Republican whose district includes parts of Charlotte

“Executive Order on #DoddFrank Presages Repeat of #FinancialCrisis.”

– Center For Responsible Lending, a Durham-based consumer advocacy group

“Dodd-Frank’s regulations have driven up costs and made credit less available for families and small businesses throughout western North Carolina. Over the past six years, the House Financial Services Committee has worked tirelessly to replace this broken law with a system that actually brings down costs and promotes economic growth all while maintaining strong protections for American consumers.”

– U.S. Rep. Patrick McHenry, a Republican from Denver

“President Trump’s attack on financial protections is Big, Bold and Bad for consumers.”

– Peter Skillern, executive director of Durham-based Reinvestment Partners, a consumer advocacy group

“Encouraging news on #doddfrank reform. @NCBankers #progress”

– Peter Gwaltney, president of the North Carolina Bankers Association

“Protecting people is more important to me than protecting Wall Street banks. We need strong oversight of these banks and I am concerned about any effort to weaken protections.”

– NC Attorney General Josh Stein

Deon Roberts: 704-358-5248, @DeonERoberts

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