Letter: Name-calling trivializes congressman’s excellent point
A recent guest editorial in the Glenwood Springs Post-Independent by Congressman Scott Tipton brought forth a torrent of invective from one reader. Congressman Tipton wrote about the adverse effects of the 2010 Dodd-Frank law on community banks and the resulting difficulties many small businesses are experiencing in gaining access to credit. The congressman described two pieces of common sense legislation he has introduced, as a member of the House Financial Services Committee, to help ameliorate the situation.
Numerous studies support the congressman’s viewpoint. As noted in a recent report from researchers at Harvard University, community banks’ share of banking assets “has shrunk dramatically” since passage of the Dodd-Frank Act. These researchers observe that regulators “have also expressed fear or produced research showing that Dodd-Frank has exacerbated the preexisting trend of banking consolidation by piling up regulatory costs on institutions that neither pose systemic risks nor have the diversified businesses to support such costs.”
It’s a shame that like so much else in our public discourse today, a serious topic with serious consequences for our economy is addressed by name-calling, rather than with the thoughtful commentary it deserves. The congressman is to be congratulated for bringing the plight of community banks to our attention and for trying to do something about the problems created by the regulatory overreach of Dodd-Frank.
Chair, Pitkin County Republicans
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