ALBUQUERQUE, May 24, 2018 – Republican nominee for U.S. Senate Mick Rich today congratulated Congress and President Trump for the rollback on Dodd Frank banking regulations, but added that this correction to Obama-era regulation was "too little, too late."
"Community banks lend money that lets businesses grow and create jobs for New Mexicans," Rich said. "Now they will be able to resume their vital role in our local economy that they played before Dodd Frank."
Rich pointed to a Wall Street Journal study showing that loans to small businesses in rural communities dropped by half after Dodd Frank became law in 2010. Worse, the law contributed to a doubling in the number of rural counties that have no community bank.
"Make no mistake: New Mexico is rural America," Rich said. "That's why I came out against Dodd Frank early and often."
Rich cited a 2014 Washington Post article that focused on his contracting business as an example of how Dodd Frank hurt small business.
Rich added that this legislation is merely the beginning, not the end, of the Dodd-Frank legislative rollback.
"Dodd-Frank's burdens on consumers, investors, and entrepreneurs remain intact," Rich said. "As citizen and as New Mexico's next senator, I will continue to work to overturn this crippling regulation."
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Mike Lonergan, Communications Director