Ed Royce: “I would like to make the point: I am from the State of California, and that has long been the innovation capital for new…”

“I would like to make the point: I am from the State of California, and that has long been the innovation capital for new ideas in America, for high-tech, and a place where a person with an idea and hard work and a little startup capital can grow a business. We have had a major problem with respect to our community banks and our credit unions, the smaller ones, and that is they are going out of business at a very fast, rapid clip. A large percentage of them are struggling under this Dodd-Frank legislation that was passed in 2010. Now, I think the legislation was well-intended, but to put all the regulatory burden and these costs on these smaller institutions has ended up with this one-size-fits-all regulation that makes it very, very difficult for them to give credit to entrepreneurs across our State. I think that many of the provisions have been injurious, then, not only to the community banks, the credit unions, the smaller ones, but to the small businesses, to the borrowers, and to the savers that rely on these institutions. We do need to make adjustment in this, and the Financial CHOICE Act will provide, I think, much-needed relief to the community financial institutions in a responsible and proactive way. I think that the premise is straightforward, which is a banking institution has to be strongly capitalized and well-managed to get the off-ramp from Dodd- Frank. ____________________”