Senate hopeful Heather Wilson, a former representative of New Mexico, said on Monday that lending an exemption to community banks from Dodd-Frank regulations would boost New Mexico’s construction and real estate businesses.
Wilson said that the 2010 Dodd-Frank Act’s complicated rules have impacted smaller community banks, which remain unwilling to lend for residential and commercial real estate projects, New Mexico Business Weekly reports.
“The bill contains over 400 new draft regulations, and only 93 have been written,” Wilson said, according to New Mexico Business Weekly. “A community bank president…told me, ‘There is not a lawyer…who can tell me how to comply with these rules. I’m not a lawyer, how do we comply with this?’ For every time there is noncompliance they face a $110,000 fine. For a small bank, every time they make a loan, they bet the bank. It would be too difficult to completely repeal Dodd-Frank, but banks below a certain market capitalization should be exempt.”
Wilson is running against Martin Heinrich for the seat of Jeff Bingaman, a retiring Democrat. She turned down the position of vice president of non-nuclear defense programs at Sandia National Laboratories to run for the Senate.
Wilson formerly served as senior member of the House Energy and Commerce Committee, as well as the House Permanent Select Committee on Intelligence. Wilson graduated from the U.S. Air Force Academy in 1982 and went on to earn her master’s and doctoral degrees in international relations from Oxford University.