Chairman Capito announces hearing to explore impact of Dodd-Frank Act on jobs, economy
02/28/2011 03:52 pm
The subcommittee hearing is set to take place on Wednesday, Mar. 2 at 2 p.m. in room 2128 Rayburn.
“When the House and Senate passed the Dodd-Frank Act, supporters continually purported that small financial institutions, like many I represent, were exempt," Subcommittee Chairman Shelley Capito (R-WV) said. "As the provisions of Dodd-Frank are going through the rule-making process, I am starting to hear concerns from small institutions about the unintended consequences that could adversely affect them. This hearing will be an opportunity for witnesses from both small institutions and the small businesses that rely on them for financing to shed some light on the effect of the implementation of Dodd-Frank on small institutions.”
The hearing, entitled “The Effect of Dodd-Frank on Small Financial Institutions and Small Businesses,” will evaluate the implementation of the Dodd-Frank Act and examine whether the required rulemakings will impede job creation and economic activity. The Dodd-Frank Act requires regulators to write more than 240 rules and carry out more than 60 studies. These rules will impact not only every financial institution that does business in America but also many non-financial institutions as well.
Witnesses scheduled to testify:
Albert C. Kelley, Jr. President and CEO, SpiritBank
John Buckley, President and CEO, Gerber Federal Credit Union
O. William Cheney, President and CEO, Credit Union National Association
Chris Stinebert, President and CEO, American Financial Services Association
James D. MacPhee, Chairman, Independent Community Bankers of America
Peter Skillern, Executive Director, Community Reinvestment Association of North Carolina
Jess Sharp, Executive Director, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce
Robert Nielsen, National Association of Home Builders