Ed Royce: “It was 5:39 a.m. on June 25, 2010 when we passed the Dodd-Frank Conference Committee Report. At that early morning…”

“It was 5:39 a.m. on June 25, 2010 when we passed the Dodd-Frank Conference Committee Report. At that early morning hour--other than a need for sleep--there was little we agreed upon. But one thing stood out, Republicans and Democrats openly discussed that there were problems in the bill that would need fixing. We knew some of the unintended (and intended) consequences that community banks and credit unions would face when looking to lend to homeowners and small businesses. Sadly, Mr. Speaker, it has taken nearly 8 years for us to pass into law any meaningful changes of those sweeping reforms. Smaller institutions have suffered; they have fewer assets over which to spread ever-increasing compliance costs. That's what leads to this conundrum where we have fewer banks today than we did during the Great Depression. Today, we take a step in rewriting these wrongs. I'm particular proud that the bill before us includes many provisions I authored on a bipartisan basis. S. 2155 provides potential homeownership for the so- called ``credit invisibles,'' increases small business lending from credit unions, and improves access to capital for companies looking to go public and hire more workers. I urge my colleagues to pass these overdue reforms. The SPEAKER pro tempore (Mr. Duncan of Tennessee). All time for debate has expired. Pursuant to House Resolution 905, the previous question is ordered on the bill. The question is on the third reading of the bill.…”