SANDRA SMITH (CO-ANCHOR): Meanwhile Kevin, the president will be signing a bill later this morning that supporters say will boost small banks and Main Street. What can you tell us about the Dodd-Frank rollback?
KEVIN CORKE (FOX NEWS CORRESPONDENT): Yeah, a little rollback indeed. This is good stuff especially if you’re on Main Street or frankly you operate a very small bank. The administration has long been saying that overregulation really does stifle the economy. And so, this is what we’re talking about, an opportunity now to sort of take the brakes off and let the money flow once again. White House officials saying this is just the beginning of a more vigorous effort to loosen some of the post-financial crisis restraints on the financial services sector.
MARC SHORT (WHITE HOUSE LEGISLATIVE AFFAIRS DIRECTOR): With Dodd-Frank in 2010, since it was put in place, 1700 small lenders have gone out of business. 30% of small community banks have gone out of business because of owner's regulations. This begins to provide relief to them. We look forward to doing more with Chairman Henselman's leadership to provide more relief beyond the small banks, but this is a big first step, and I think it's going to be the most beneficial again to the community banks and to some of those in the smaller, more rural states.
COORKE: Marc Short, not long ago at this very spot talking about this idea that deregulation will spur growth, especially among the small banks, and that certainly would impact Main Street. Now, there are critics who argue, Sandra, that if you do this you’ll end up with a circumstance that led to the financial crisis back in 2008 and 2009, but the White House says right now it is full steam ahead with more deregulation and that should ungum the works.
SMITH: Yeah, we’ll see. Kevin Coorke, thank you. Live at the White House for us this morning. You know, there has been a lot of anticipation for this and the President said he wanted to move in this direction for sure, but some Republicans even wanted him to go farther than this in this rollback.
BILL HEMMER (CO-ANCHOR): You covered this at FBN when it was going on, really in the depths of 2008 and 2009. Is it overdue? Did we go too far in one way that restricts them?
SMITH: Sounds cliche, but time will tell. We'll see. Because a lot of these were put in place because of the financial crisis. So Democrats certainly don’t like it but a lot of these banks say they don’t have room to grow and Main Street's really been anticipating this. We’ll see.
HEMMER: Interesting. Get the loans out there, right? Helps business, right? On and on.