Rep. Martin Heinrich (D-N.M.) has flipped positions on the 2010 Dodd-Frank Act as he prepares to face Republican Senate hopeful Heather Wilson in elections for the seat of retiring Sen. Jeff Bingaman (D-N.M.).
Heinrich said in a July 2010 press release that he was “proud to vote for the [Dodd-Frank] Wall Street Reform and Protection Act,” calling the bill “the most comprehensive Wall Street reform legislation since Glass-Stegall,” according to The Washington Free Beacon.
Heinrich recently changed his position on the legislation, however, saying in an August interview with the Hobbs News Sun that the housing reforms are “way too strict,” adding that “we went from way too lenient to way too strict…lending is slowing down the economy,” The Washington Free Beacon reports.
Financial institutions across the country have voiced concern regarding the impact of Dodd-Frank on community banks. Wilson has advocated for an exemption for community banks from the regulatory burden of Dodd-Frank.
“It would be too difficult to completely repeal Dodd-Frank, but banks below a certain market capitalization should be exempt,” Wilson said, according to New Mexico Business Weekly.
Heinrich has flipped positions in the past. In the same Hobbs News Sun interview, Heinrich called the cap and trade program, an environmental provision, “unfeasible,” though he said in July 2009 that the legislation “represents no less than a new Apollo project for American energy independence,” The Washington Free Beacon reports.
Heinrich has also changed positions on offshore domestic oil drilling, gay marriage and a tax provision in Obamacare.
Wilson said that Heinrich’s change in policy positions “raise[s] questions of trust,” according to The Washington Free Beacon.