WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) spoke on the floor of the U.S. Senate today about his legislation S.923, the Reforming Finance for Local Economies Act.  This important bill will exempt community banks and credit unions with assets of less than $10 billion from Dodd-Frank and allow them to thrive instead of being punished for Wall Street's failures.

“Every reasonable person with a passing knowledge of our banking system knows the destabilizing effect that Dodd-Frank has had on local economies, community banks, and credit unions.  That is why I introduced S.923, the Reforming Finance for Local Economies Act,” said Sen. Kennedy.  “My bill exempts financial institutions, specifically banks and credit unions, with assets of less than $10 billion from having to comply with the loan-killing, anti-jobs disaster commonly known as Dodd-Frank.  America's smaller lending institutions need relief from the destabilizing consequences of Dodd-Frank.  The Reforming Finance for Local Economies Act is a step in that direction.”

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