Daily Business News

HuffPost reports that former Republican congressman Pete Hoekstra, in his campaign for the U.S. Senate in Michigan, called for the repeal or reform of Dodd-Frank on Monday, arguing that “the heavy hand of the federal government” is making it impossible for bankers to do their jobs. “Either repeal or significant reform of that legislation [Dodd-Frank Wall Street Reform and Consumer Protection Act] to allow the banking and the financial system to function…” Michigan Gov. Rick Snyder (R) endorsed Hoekstra at Monday’s event, saying, “He brings a complete fleet of experience from both the government sector and the private sector. That’s the combination we need in today’s world.” Hoekstra is running against incumbent Sen. Debbie Stabenow (D-Mich.), who has a 9 point lead in a recent poll. Hoekstra served as a Michigan congressman from 1993 to 2011. Hoekstra lost to Snyder for the GOP nomination for governor in 2010, and currently serves on the board of directors of West Michigan Community Bank. “What I’m seeing there now is once again, the heavy hand of the federal government making it difficult, if not impossible, for the banking community to do the banking business, which is to invest in their communities, to get a return on that investment — but again, to bring prosperity and jobs into their community.” On Monday afternoon, Michigan Democratic Party Chairman Mark Brewer sharply criticized Hoekstra’s comments. “This just demonstrates yet again whose side Pete Hoekstra is on,” said Brewer. Repealing or reforming Dodd-Frank has been a call by other Republican candidates, including presidential hopefuls Mitt Romney and Michele Bachmann. President Obama has said he will fight repeal which created the Consumer Financial Protection Bureau (CFPB).

(Photo credit: AP and HuffPost)