Ted Cruz: Tax Reform Should be Used to Repeal One of 'Most Damaging' Bills 'in Modern Times'

AP Photo/J. Scott Applewhite

Sen. Ted Cruz (R-Texas) said Congress should take advantage of the chance to use tax reform to repeal Dodd-Frank, which he argued has helped large banks expand while hurting small community banks and credit unions.

Cruz hopes tax reform is signed into law by “the end of this year or early next year.”

“When enacting tax reform, we should also use it as an opportunity to repeal Dodd-Frank. Dodd-Frank is one of the most damaging pieces of legislation in modern times. Dodd-Frank has wreaked havoc. Dodd-Frank was sold to the American people to stop ‘too big to fail.’ How has that worked out? The big banks are bigger and the smaller banks, the community financial institutions, have been devastated,” Cruz said last week during a Tax Foundation event on tax reform at Hillsdale College’s Kirby Center.

“Since 1994, the number of community banks has fallen by 40 percent. Their share of assets has fallen by more than half from 41 percent to 18 percent. What’s happened to the big banks? Their share of assets has risen from 18 percent to 46 percent,” he added.

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