Republican presidential hopeful Newt Gingrich slammed the Dodd-Frank Act in Monday's GOP debate, saying that the new regulations threaten small businesses and community banks.
"The fact is, Dodd-Frank has led to the biggest banks to get bigger," Gingrich said. "It has an anti-housing bias and it is crippling small-business borrowing. If they would repeal it tomorrow morning, you would have a better housing market the next day."
Gingrich has staunchly opposed the Dodd-Frank Act in the media, even going so far as to imply in the October GOP debate that Barney Frank and Chris Dodd should be in jail.
Gingrich said that the Dodd-Frank Act threatened the community bank model in November.
"Community banks are 12 percent of the banks right now and 40 percent of the loans to small business," Gingrich said, according to Politifact.com. "And they are being destroyed by Dodd-Frank."
This echoes similar remarks made by Governor Elizabeth Duke of the Federal Reserve Board of Governors. In an address to the 2012 Bank Presidents Seminar in California, Duke said that the new regulations of the Dodd-Frank are so broad that "many industry analysts have questioned whether the overall weight of regulation poses a threat to the future of the community bank model."