Arkansans Feel The Pain of Pryor's Out-Of-Touch Vote For Dodd-Frank

Arkansans Feel The Pain of Pryor's Out-Of-Touch Vote For Dodd-Frank Arkansas Money & Politics article highlights Dodd-Frank's negative impact on Arkansas small community banks and consumers    Little Rock, Arkansas — A recent op-ed in Arkansas Money & Politics draws new scrutiny to another of Senator Mark Pryor's out-of-touch votes on the issue of regulation of Arkansas's small community banks. Senator Pryor voted for Dodd-Frank in 2010, gladly rubber-stamping a key portion of President Obama's agenda. The op-ed, written by Reynie Rutledge, chairman of First Security Bancorp, says: "Although community banks were not the cause of the financial crisis, we are suffering the consequences, along with our customers." The op-ed makes several more points about how the law is negatively impacting small-town community banks in Arkansas, as well as their customers:  "Increase banks’ cost of doing business, and in turn, their customers’ costs for banking products and services."   "It will also mean more money is spent on outside lawyers and consultants, reducing resources that could be directly applied to serving our customers and communities."   "The new mortgage reforms can create situations that prevent segments of the population, such as the self-employed, from obtaining a mortgage loan due to their inability to prove repayment ability through the required third party prepared documents, such as tax returns."   "Many community banks in Arkansas are facing significant challenges to meet these regulatory requirements, and some may not be able to continue mortgage lending."   "The resources required to comply with these regulations are so burdensome, they may force some community banks to lose or be acquired by a larger institution."   "These additional costs of doing business will result in increased costs for every bank customer." Senator Pryor even stated in an interview with Talk Business that small-town community bankers were angry with him over his vote because they were unfairly targeted by the bill, but that he decided to vote for it anyway.  Cotton campaign manager Justin Brasell said: "Arkansas small businesses and consumers continue to feel the pain from Senator Pryor's lockstep support for President Obama's agenda. Dodd-Frank is another example of Senator Pryor's out-of-touch philosophy of tax, spend, and regulate." Background: The Additional Costs of Dodd-Frank's Regulatory Burden Will Result In Increased Costs For Every Bank Customer. (Reynie Rutledge, "Dwelling On Dodd Frank," Arkansas Money & Politics, March 2014)

About Tom Cotton Tom Cotton is the Congressman for the Fourth District of Arkansas. Tom is a combat veteran of Iraq and Afghanistan, an Army Ranger, and a Bronze Star and Combat Infantryman Badge recipient. Tom is a graduate of Harvard and Harvard Law School and has worked as a business consultant at McKinsey & Co. A sixth-generation Arkansan, Tom lives in Dardanelle, where he grew up on his family's farm. For more information about Tom’s campaign, visit tomcotton.com.