Last week, the Senate unanimously approved two amendments introduced by Sen. John Boozman (R-Ark.) that would make it easier for the Senate to adopt measures aimed at easing Dodd-Frank compliance and protecting private property rights.
Under Dodd-Frank, community banks have faced increasing regulations and a growing compliance burden, which has contributed to an increase in mergers and acquisitions because the institutions do not have the resources to handle the regulatory onslaught.
One of Boozman’s amendments establishes a fund in the Senate budget to accommodate any future legislation that would ease the compliance burden of community banks under Dodd-Frank.
“We need regulations to ensure our financial system remains on a sound foundation,” Boozman said. “However, the one-size-fits-all approach to regulating our banks is not the answer. Community banks didn’t cause the 2008 financial crisis, and they simply can’t afford the burdens of complying with the increased regulation. The additional rules make it very difficult for these institutions to serve the community in their current capacity. I’m happy to see my Senate colleagues support reducing the onerous regulations imposed on our community banks.”
Additionally, the Senate also passed Boozman’s amendment that would establish a deficit reduction fund in the Senate budget to accommodate any future proposals related to protection of private property rights. The amendment discourages eminent domain abuse but preserves the legitimate use of eminent domain under the Constitution.
“Eminent domain abuse occurs when private property is taken by the government and transferred to another private owner, not for any legitimate reason, but just because the government thinks it knows what’s best,” Boozman said. “We need to focus on policies that encourage ownership and defend the rights of property owners against government abuse of power.”
The Senate approved an amendment introduced by Boozman and Sen. Jeanne Shaheen (D-N.H.), which will reform the Federal Offices of Inspectors General and cut down on OIG vacancies. The Department of Labor, Department of Homeland Security, Department of the Interior and Department of Defense have been without IGs since 2011.