Washington, D.C. - Representative Warren Davidson (R-OH) released the following statement after the House passed the Systemic Risk Designation Improvement Act of 2016 (H.R. 6392) including the Davidson Amendment to protect American sovereignty in the banking system:

“The Dodd-Frank Act signed by President Obama has severely damaged our banking industry and this bill will undo some of its most harmful regulations. My amendment will ensure that unelected international regulators can’t expand their power over American businesses.  It also ensures that bureaucrats in Washington can’t use international law beyond the scope of the bill to circumvent the legislature. Excessive and ineffective regulation continues to strangle our economy.  Far more work will be done, but this is another step in the right direction as we seek to restore responsible regulation that frees our smaller financial institutions from the grips of a regulatory framework originally targeted at Wall Street’s biggest banks.”