Rep. Jim Himes, D-Conn., said he voted in favor of repealing some provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act because they went too far in restricting some smaller institutions such as smaller banks and credit unions.
"Substantively, it was aimed at fixing something that many of us have been concerned about in Dodd-Frank, which is Dodd-Frank appropriately — and I helped write Dodd-Frank a long time ago — appropriately put very significant restrictions on our banking industry," Himes said Tuesday on CNN's "New Day."
"The problem, of course, is that many of these restrictions don't really apply to smaller institutions, these are our credit unions and small banks on our main streets. Whereas Citibank or JP Morgan can hire 40 or 50 lawyers to deal with the new regulation, the smaller banks in many instances can't," Himes added.
The effort to reform the act was bipartisan. The House of Representatives voted 258-159 to pass the bill, while in the Senate, the bill passed 67-31, according to CNN.
"This, in my mind, was a fair and very strongly bipartisan — in both the House and Senate — attempt to relieve the pressure on some of our smaller, community banks," Himes said.
"Nothing gets 67 votes in the Senate, right, including the vote of former vice presidential candidate Tim Kaine of Virginia. So, it was hardly a bill of just conservative Republicans," Himes said.
"It shouldn't become a religious war between those people who want to repeal Dodd-Frank and those people who say you can't touch a single word of Dodd-Frank, or any other piece of legislation or regulation," he added.
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