Voicing dissatisfaction with bureaucratic hurdles for small businesses, Greenville Chamber members recently joined representatives from three South Carolina congress members’ offices to review potential changes to — and possible repeal of — the 2010 Dodd-Frank banking regulation law.
Chamber members met with staffers for Republican Sens. Lindsey Graham and Tim Scott and Republican Rep. Trey Gowdy to discuss burdensome regulations, escalating costs for consumers and insufficient access to capital for the Palmetto State’s business owners.
Over a dozen local banking officials joined the gathering to vocalize the impact of Dodd-Frank on both businesses and individuals.
“The Greenville Chamber and Upstate Chamber Coalition have made resisting and repealing burdensome regulations a centerpiece of our 2017 federal Congressional agenda,” the Chamber’s vice president of business advocacy Jason Zacher wrote. “Increased regulations have a direct impact on small businesses and consumers.”
For example, the sheer number of pages required to document the law in just one fiscal quarter during late 2016 totaled 6,000, according to Bloomberg estimates, said the Chamber — forcing “the average bank” to spend over 800 hours in processing time to ensure compliance.
Additionally, mortgage loan costs have multiplied, now averaging approximately twice what they were in 2009 according to bankers in attendance, spokespersons stated; consumer protection, hacking and tax reforms also made the rounds in discussion between business leaders and government liaisons.