Marquette, MI – (Great Lakes Radio News) – Michigan’s Junior U.S. Senator, Gary Peters, is explaining his vote of support for a measure in Washington, D.C. that rolls back a portion of the Dodd-Frank Act that sets regulatory laws for banks and other lending institutions.
Speaking on the SUNNY Morning Show with Walt & Mike today, Senator Peters, a Democrat, said the reason he voted for the Republican-backed measure was it improved the operating field for small, community banks and credit unions and mid-level banking institutions while not reducing any of the regulations covering large, multi-national Wall Street mega-banks.
Peters and fellow Michigan Democrat Senator Debbie Stabenow have come under fire from some Democrats for siding with Republicans on the vote.
Peters, Stabenow and 14 other Democratic senators endorsed the legislation in a vote taken Wednesday evening.
Peters said he was deeply involved in the creation of the original Dodd-Frank Act and this adjustment was needed as that original legislation was too much of a “one size fits all” approach.
He said he cast his affirmative vote to help make the law fair to small and mid-level lending institutions who have struggled with regulatory costs and and capital reserve burdens in effect since the passage of the law in 2010.