The most important issue facing the House Financial Services Committee this fall is reforming Dodd-Frank regulation, according to Representative Bruce Poliquin (R-Maine). Congressman Poliquin spoke with TheStreet’s Rhonda Schaffler at Camp Kotok, an annual gathering of economists and money managers in Maine. Congressman Poliquin said the Dodd-Frank law, which was signed in 2010 and changed financial regulation, is too burdernsome. ‘We need to make sure we keep credit flowing throughout the economy, because if money flows through the economy, the businesses grow and you hire more workers and folks make a fatter paycheck. That’s all good,’ explained the Congressman, who said the regulations are preventing that from happening, and ‘that’s one of the reasons we have such an anemic recovery.’ Rep. Poliquin said that parts of the law should be reformed so that credit is accessible from community banks, credit unions and auto finance companies.
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