--- title: Koch Network Runs Ad Supporting Democratic Senator description: The political arm of the Koch network has launched an ad campaign thanking a Democratic Senator for passing a financial deregulation bill canonical: https://time.com/5298677/koch-brothers-heidi-heitkamp/ author: Alana Abramson article:opinion: false article:content_tier: free article:published_time: 2018-06-01T17:49:00.000Z article:modified_time: 2023-12-12T19:34:16.000Z article:section: Politics og:title: The Koch Brothers Are Running Ads Thanking a Democratic Senator Facing a Tough Re-Election og:description: "We commend her for taking a stand against the leaders of her party" og:url: https://time.com/5298677/koch-brothers-heidi-heitkamp/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltbaa13fa1e8f1a805/69893217929fad2020bf0bb6/screen-shot-2018-06-01-at-11-49-37-am.png?branch=production&width=875&quality=75&auto=webp&crop=16:9 og:image:width: 875 og:image:height: 492 og:image:alt: Americans for Prosperity Ad Supporting Heidi Heitkamp og:type: article twitter:card: summary_large_image twitter:title: The Koch Brothers Are Running Ads Thanking a Democratic Senator Facing a Tough Re-Election twitter:description: "We commend her for taking a stand against the leaders of her party" twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltbaa13fa1e8f1a805/69893217929fad2020bf0bb6/screen-shot-2018-06-01-at-11-49-37-am.png?branch=production&width=875&quality=75&auto=webp&crop=16:9 video:duration: 02:12 video:published: 2018-05-24 section: politics topics: Dodd-Frank rollback, community banks, credit unions, small business lending, bank regulation, identity theft protection, financial access, job training, economic comeback genre: news, speech tones: confident, promotional, combative, celebratory emotions: pride (high), enthusiasm (medium), contempt (low) sentiment: positive audience: general news audiences, small business owners, bankers and financial professionals, policy observers people: President Trump organizations: community banks, credit unions products: Dodd-Frank Act content_suitability: politics [00:00-02:12]; profanity [01:55-02:04] transcript_source: publisher captions transcript_reviewed: not applicable ---  # Koch Backed Group Launches Ad Campaign Thanking Vulnerable North Dakota Democrat > Sponsored content. 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Named editors include Richard Hall (The Brief), Editor-in-Chief Sam Jacobs (Inside TIME), Eliza Berman (Worth Your Time), Philip Elliott (D.C. Brief), Justin Worland (Future Proof) and Harry Booth (In the Loop). Health Matters is written by TIME's health desk. #### How do I sign up for a TIME newsletter? Go to time.com/newsletters, choose the newsletters you want and enter your email address. There is no cost and no subscription requirement. ### Sources * TIME Newsletters: [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=383849aa-4983-4fbe-8b93-341ea4b11c0e&cr=time-nl-network-2026q3-v1) ## Video: President Trump Signs Biggest Rollback of Bank Rules Since Dodd-Frank Act [Watch (HLS stream): President Trump Signs Biggest Rollback of Bank Rules Since Dodd-Frank Act](https://cdn.jwplayer.com/manifests/FHtOKXoQ.m3u8) (2:12)  _Published 2018-05-24. President Trump Signs Biggest Rollback of Bank Rules Since Dodd-Frank Act_ Description, summary, key points, chapters, key quotes, questions and transcript, where present, were produced automatically from the video or its captions and were not reviewed. ## Summary President Trump signs legislation that rolls back Dodd-Frank banking regulations, arguing that one-size-fits-all rules are crushing community banks and credit unions. He says small banks should be regulated differently from large, complex financial institutions because they are vital to local businesses and communities. The remarks also tout identity theft protections, expanded financial access for low-income and minority communities, and job training opportunities, framing the bill as part of an economic comeback. ## Key points - The legislation rolls back Dodd-Frank regulations that the speaker says are crushing community banks and credit unions nationwide. (00:00) - The speaker argues one-size-fits-all rules do not work and that small banks should not be regulated the same way as large, complex financial institutions. (00:10) - Community banks are described as often the only financial institutions in their communities, giving small businesses few other ways to get credit. (00:41) - The speaker says closing community banks denies small businesses and everyday Americans access to capital they desperately need. (00:55) - The speaker describes the rollback as liberating small banks from excessive bureaucracy and unleashing the economic potential of the people. (01:05) - The legislation is said to strengthen protections against identity theft and expand financial access to low-income and minority communities. (01:21) - The legislation is said to make educational and job training opportunities available to more families in need. (01:35) - The speaker characterizes the bill as the next step in America's unprecedented economic comeback. (01:46) ## Chapters - [00:00 to 00:41] Rolling back Dodd-Frank for community banks. The speaker introduces the legislation and argues that one-size-fits-all rules are harming community banks and credit unions. - [00:41 to 01:05] Importance of community banks to local economies. The speaker says small banks are vital sources of credit for local businesses and everyday Americans. - [01:05 to 01:35] Identity theft, access and opportunity provisions. The speaker lists additional provisions on identity theft protection, financial access, and job training. - [01:35 to 02:12] Economic comeback and closing remarks. The speaker frames the legislation as part of an economic comeback and criticizes the press before closing. ## Key quotes - [00:00] President Trump: "The legislation I'm signing today rolls back the crippling Dodd Frank regulations that are crushing community banks and credit unions nationwide." - [00:10] President Trump: "One size fits all, those rules just don't work" - [00:41] President Trump: "Local business has few other resources and few other ways of getting credit." - [01:05] President Trump: "By liberating small banks from excessive bureaucracy" - [01:46] President Trump: "Today's legislation is the next step in America's unprecedented economic comeback." ## Questions this video answers - What does the legislation signed by the president do? [00:00] - Why does the speaker say community banks should be regulated differently? [00:10] - Why are community banks important to small businesses and local communities? [00:41] - What additional provisions does the legislation include beyond bank rules? [01:05] - How does the speaker describe the legislation's place in the economy? [01:46] ## Content suitability - politics [00:00-02:12]: Presidential remarks on contested financial regulation and criticism of the press. - profanity [01:55-02:04]: The speaker calls the press 'fake news,' and the transcript includes a laugh and applause cue, but no profanity is present.  by [Alana Abramson](https://time.com/author/alana-abramson/)  ## Alana Abramson Updated: Dec 12, 2023 7:34 PM UTCPublished: Jun 1, 2018 5:49 PM UTC  Courtesy Heidi Heitkamp  by [Alana Abramson](https://time.com/author/alana-abramson/)  ## Alana Abramson Updated: Dec 12, 2023 7:34 PM UTCPublished: Jun 1, 2018 5:49 PM UTC The political arm of the [Koch network](http://time.com/5122723/koch-brothers-2018-elections-spending/), long reputed for championing conservative causes and politicians, has launched an ad campaign thanking a Democratic Senator up for reelection in a red state for her work in passing a financial deregulation bill. The ad campaign, released on Friday by Americans for Prosperity, thanks North Dakota Sen. Heidi Heitkamp for her leadership role in working on the Regulatory Relief and Consumer Protection Act, which President Trump [signed into law](http://time.com/money/4659485/trump-advisor-uses-terrible-food-analogy-to-defend-financial-deregulation/) last month. The bill eases regulations on local and regional banks in order to improve their ability to provide loans and mortgages “This was a bipartisan effort made possible by lawmakers like Heidi Heitkamp who put politics aside to work together,” said AFP President Tim Phillips. “While we don’t agree with Sen. Heitkamp on everything, particularly her vote against tax relief, we commend her for taking a stand against the leaders of her party to do the right thing.” “We hope to find common ground and work with Senator Heitkamp on other issues moving forward including making tax relief permanent,” Phillips added. Heitkamp is one of 10 Democratic Senators defending a seat in a red state that President Donald Trump won by double digits in the 2016 election. In November, she will likely face Rep. Kevin Cramer, who was heavily recruited by Trump, and was thought to be one of the Republican Party’s bright spots in the midterm elections. (The nonpartisan Cook Political Report has the race listed as a toss-up.) Heitkamp’s campaign issued a brief statement in response to the ad, stating only that the Senator would continue to rise above the partisan fray. The statement did not explicitly thank AFP for the support. “Heidi got results for rural North Dakota families and businesses who depend on relationship lending because she is and has always been focused on putting partisan politics aside to deliver for North Dakotans — and that’s where her focus will remain,” said Julia Krieger, communications director for Heitkamp’s reelection campaign. Although the group did not disclose how much money it had spent on this campaign, the decision to pinpoint Heitkamp seems significant, and not just because she is a vulnerable Democrat up for reelection, who AFP targeted three months ago with [a $450,000 ad campaign](https://americansforprosperity.org/afp-goes-on-air-in-north-dakota-holding-senator-heitkamp-accountable-for-no-vote-on-tax-reform/) in North Dakota that pointed out her vote against last year’s tax reform bill and derided her as a politician beholden to special interests. Heitkamp was key to shepherding this bill forward; she had been working on writing and negotiating it since 2013\. But four of her colleagues who are facing similar electoral predicaments – running as a Democrat in a red state where the President is exceedingly popular – also co-sponsored this bill and were active in negotiations. Donnelly’s campaign called him an “architect” of the legislation after it passed, and Tester’s office has [emphasized](https://www.tester.senate.gov/?p=news&id=6022) how he broke with his party to push it through Congress. Donnelly’s campaign sent out a statement highlighting the Senator’s work on it, calling him an “architect of the bill.” But Americans for Prosperity did not mention any of these lawmakers, in their announcement, although they made a point of thanking three other Democratic Senators – Colorado’s Michael Bennet, Alabama’s Doug Jones, and Virginia’s Mark Warner – who had signed on and are not up for reelection. (Five Republican Senators were singled out as well.) A representative for the Donnelly campaign said they were not concerned by being left out of the ad. AFP has also spent millions so far in ads in Indiana and Missouri highlighting McCaskill and Donnelly’s votes against the tax reform bill. “AFP may not be thanking Joe because Mike Pence has asked them not to. That doesn’t really matter. Hoosiers are thanking Joe,” said Will Baskin-Gerwitz, Communications Director for Donnelly’s reelection campaign. (Disclosure: Time Inc., TIME’s parent company, has been acquired by Meredith Corp. in a deal partially financed by Koch Equity Development, a subsidiary of Koch Industries Inc.) ## Transcript [00:00] The legislation I'm signing today rolls back the [00:02] crippling Dodd Frank regulations that are crushing [00:06] community banks and credit unions nationwide. [00:10] They were in such trouble. One size fits all, those [00:15] rules just don't work, and community banks and credit [00:18] unions should be Regulated the same way [00:22] and you have to really look at this. They should be [00:25] regulated the same way, with proviso [00:30] for safety, as in the past when they were vibrant and [00:33] strong. But they shouldn't be regulated the same way [00:37] as the large, complex. Financial institution. [00:41] Local business has few other resources and [00:45] few other ways of getting credit. And for many [00:48] Americans these small banks are the only financial [00:51] institutions in their entire community. They made [00:55] their communities worked and they been essentially [00:58] shutdown When these community banks close their [01:02] doors, it denies small businesses and everyday [01:05] Americans access to capital that they desperately [01:09] need. By liberating small banks from excessive [01:11] bureaucracy, and that's what it was, bureaucracy, we [01:16] are unleashing the economic potential. Of our people. [01:21] This legislation also strengthens protections against [01:24] identity theft, big problem nowadays. Bigger than [01:27] anyone understands. Expands crucial financial [01:31] access to low- income and minority communities. And [01:35] ensures that educational And job training opportunities [01:39] are available to more families in need. These reforms [01:43] are critical to helping all Americans thrive and to [01:46] prosper. Today's legislation is the next step in [01:51] America's unprecedented economic comeback. [01:55] There's never been a comeback like we've made. And [01:59] one day, the fake news is going to report it. [ LAUGH ] [02:04] But that's okay, you've been very nice today, actually, [02:06] you've been extremely nice. 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