A House subcommittee hearing is scheduled for Wednesday that will focus on how the Dodd-Frank Act is affecting community banks and small business.
The hearing before the House Financial Services financial institutions subcommittee comes amid ample criticism of Dodd-Frank by the new GOP leadership, which has scheduled several hearings to scrutinize the new law.
A press release by the full committee said the hearing will address concerns that small banks and small businesses, which were not the primary targets of the new regulatory overhaul, could be hurt nonetheless.
"When the House and Senate passed the Dodd-Frank Act, supporters continually purported that small financial institutions, like many I represent, were exempt," Rep. Shelley Moore Capito, R-W.V., the subcommittee chairman, said in the press release. "As the provisions of Dodd-Frank are going through the rulemaking process, I am starting to hear concerns from small institutions about the unintended consequences that could adversely affect them."
Among the witnesses scheduled to testify are executives of financial institutions, trade association officials and consumer advocates.