Republican United States Senate candidate Sid Dinsdale says federal overreach is hampering economic recovery.
Dinsdale says the country is experiencing a shallow recovery, because federal regulations hamper business growth.
“I had an older gentleman the other day tell me there is a war on business. He said every time he tries to do something or he tries to replace a bad employee or hire a good employee; the paperwork, all the stuff you have to go through as a business makes it just that much harder,” Dinsdale tells Nebraska Radio Network.
Dinsdale says the federal government has grown too big, too complex and is interfering with the economy, especially job growth.
Dinsdale, president of Pinnacle Bancorp in Omaha, says regulations have smothered small banks.
“A little bank right now trying to make a mortgage loan, they can’t hardly do it, because the compliance requirements are so difficult and they can’t afford to have a fulltime compliance person on staff,” according to Dinsdale. “So, that has ramifications on a little town, for example.”
Dinsdale says the Dodd-Frank Act tries to manage every risk in the financial services industry, which he says cannot be done. Dinsdale would prefer the country go back to an updated Glass-Steagall Act, which separated commercial banking from investment banking.
Dinsdale says there is no balance at present to federal regulations, which target coal-fired plants and insist on extremely stringent air and water rules.
“Of course you would like to have the purest air, the purest water, always, every single time, but there’s trade-offs to everything and I think we’ve just have gotten so tight on some of these things we’ve got to take a look at and see if it really makes sense.”