Political Quotes

“Madam Speaker, I yield myself such time as I may consume. Since the Dodd-Frank Act was enacted, the number of community financial institutions has steadily declined. Republicans know this trend is due to increased regulatory and compliance burdens banks and credit unions face that inhibit their ability to survive, let alone, thrive. Republicans have consistently pushed for regulatory rightsizing including tailoring regulation, not imposing one-size-fits-all requirements. H.R. 4950 directs the banking agencies to study ways to promote the establishment of new banks and credit unions, including community development financial institutions, CDFIs, and minority financial institutions. This bill requires the banking agencies to report to this body, the Congress, on challenges faced by proposed depository institutions and to develop a strategic plan to promote establishment of new financial institutions. The banking agencies will provide the Congress with recommendations on how best to propose financial institutions and help them navigate that regulatory process. H.R. 4950 is a first step toward identifying and addressing the challenges posed to the chartering of new banks and credit unions. The fact is, Madam Speaker, encouraging the establishment of de novo financial institutions will help fill the needs left by bank consolidations and bank closures over the past decade.…”