Banker Scott Tipton Finally Gets His Chance

Rep. Scott Tipton (R).

Rep. Scott Tipton (R).

GOP Rep. Scott Tipton, the Western Slope Republican who trades heavily on his “profession” as co-owner of Mesa Verde Indian Pottery, is excited to reveal his other talents to the world under the incoming Donald Trump administration and undivided Republican Congress! As the Grand Junction Sentinel’s Gary Harmon reports:

U.S. Rep. Scott Tipton, R-Colo., will reintroduce three measures that he has already introduced to reduce the effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act. U.S. Sen. Cory Gardner, R-Colo., said regulations issued by the Obama administration in recent months will get close congressional review and possibly reversal once the GOP-run Congress is in place and Donald J. Trump is in the Oval Office…

Tipton is looking to continue his efforts to pass legislation aimed at reducing regulatory burdens aimed at larger banks that must be met by small, community banks, Tipton said.

Another measure aimed at increasing banking services for rural-area residents will be reintroduced, as well, Tipton said.

Former U.S. Rep. Barney Frank, D-Mass., half of the Dodd-Frank tandem, has conceded that the measure likely overreached, especially on its effect on community banks, Tipton said…

Not everything will be rolled back, Tipton said, noting that new financial instruments are on the market and that consumer protections still are in order, but that so are cost-benefit analyses and “a level of common sense.” [Pols emphasis]

Now the truth is that former Rep. Barney Frank has only mentioned a couple of changes he would make to his namesake banking reform law, including raising the minimum amount of assets required to mandate a higher degree of scrutiny of a bank. By contrast, Tipton has expressed a desire to go much farther in dismantling the law’s protections than anything former Rep. Frank would ever support–even if that’s not the impression you get from Tipton in this story.

And the Democratic Congressional Campaign Committee’s Tipton playbook, which we doubt very many people in CD-3 care much about–especially right now–is one of the few places you can find out the answer:

Scott Tipton served on the board of directors for Vectra Bank Colorado from 1998 to 2005. [Pols emphasis] During Tipton’s tenure as a bank board member for Vectra Bank, there were reported incidences of Vectra Bank charging exorbitant interest rates to rural Colorado farmers. Additionally, Vectra Bank made the decision in early 2003 to close several rural banks in rural Colorado. In 2010, when Tipton’s participation with Vectra Bank was questioned by the Salazar campaign, Tipton denied his involvement as a bank board member for Vectra Bank.

There’s no mention of it in Tipton’s official congressional biography, but the truth is that Tipton was a much more influential banker than pottery maker. It’s understandable that Tipton “forgot” to mention this in his bio, since bankers don’t have a very good reputation.

Anyway, we’ll have to wait and see what Tipton’s next moves are with regard to rolling back regulations on the banking industry, though the current climate among congressional Republicans as Trump prepares to take office has been described as “heady.” Trump’s transition team has specifically mentioned Dodd-Frank as an early repeal target, without all that happy talk about keeping parts of the law that protect consumers.

It will be interesting to see if banker Scott Tipton is as beloved as the pottery maker when it’s over.

2 Community Comments, Facebook Comments

  1. bullshit! says:

    Oh no, Tipton is not the chummy idiot he claims to be and is gonna fuck over the people who elected him? That's every Republican these days.

  2. MichaelBowman says:

    If the new President and Congress is serious about helping rural America, let's start by giving community and small-to-mid-sized regional banks a tax exemption on their dividends and bring back postal banking.  I've had enough conversations with my rural banker (a locally-owned bank, not a 'Vectra'-sized bank) to understand the enormous burden they're under complying with the current regulations that should have been aimed exclusively at the gangsters that acquiesced in the 2008 meltdown. 

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