Andy Barr Touts Dodd-Frank Rollback In Frankfort

Aug 28, 2018

Credit AndyBarrforCongress.com

Congressman Andy Barr was in Frankfort on Tuesday, touting his efforts passing a bill that rolled back parts of the Dodd-Frank Consumer Protection Act.

Dodd-Frank set up consumer protections and banking oversight in the wake of the 2008 financial disaster that led to a global economic recession.

Barr, a Republican who represents Kentucky’s 6thCongressional district, said the measure made it harder for people in rural areas to get access to credit.

“By reducing the number of community financial institutions, Dodd-Frank regulations clogged the plumbing of our economy — especially in rural and underserved communities,” Barr said.

Signed by President Trump earlier this year, the rollback of Dodd-Frank cuts several regulations on banks that have less than $10 billion, including a repeal of the “Volcker Rule,” which forbids banks from making certain types of risky investments.

Barr is facing a hotly contested election this November against retired Marine fighter pilot Amy McGrath, a political newcomer who Democrats hope will be able to appeal to urban and rural voters in the district.

Trump carried the district in 2016, though there are about 90,000 more Democrats registered than Republicans.

Barr said he recognizes that he has constituents who are disappointed with the outcome of the 2016 election, “but at least they know I will listen to them.”

“At least they know I will be accessible to them,” he said. “They know that, because I’ve had town halls where I’ve allowed them to express those views that are different from mine.”

Last year, Barr held a series of town halls that were crowded with protesters opposing his stances on undoing the Affordable Care Act, cutting corporate taxes and repealing environmental regulations.

The 6th district includes Lexington, Richmond, Frankfort and Georgetown in central Kentucky, stretches to foothills of Appalachia and has switched between Democratic and Republican representation in recent decades.