Political Quotes

“I thank the chairman for his leadership in guiding the Financial CHOICE Act through the Financial Services Committee and the House. Mr. Chairman, I include in the Record a letter from the Arkansas State Bank Department, and an article by the Arkansas Bankers Association entitled ``Disappearing Community Banks.'' Arkansas State Bank Department, May 1, 2017. Hon. Jeb Hensarling, Chairman, House Committee on Financial Services, Washington, DC. Hon. Maxine Waters, Ranking Member, House Committee on Financial Services, Washington, DC. Dear Chairman Hensarling and Ranking Member Waters: I am writing in support of H.R. 10, the ``Financial CHOICE Act of 2017.'' As a state bank regulator, I have seen the huge burden Dodd-Frank Act of 2010 has placed on community banks. Since the financial crisis, several community banks in Arkansas have curtailed or discontinued lending activities-- particularly, residential mortgages--which has been detrimental to the consumers they serve. In addition, the number of small community banks in our state and across the country has decreased, primarily through mergers with larger banks better equipped to handle Dodd-Frank's onerous compliance regimen. I believe the Financial CHOICE Act will address a number of issues which will improve the business climate for community banks.…”