Political Quotes

“I also want to thank Chairman Hensarling for offering the legislation under consideration today. The Financial CHOICE Act takes the necessary steps in reforming the supervision of our financial system that the Dodd-Frank Act failed to do. Among other provisions, this legislation requires financial regulatory agencies to tailor regulatory actions to fit the risk profile and business model of supervised institutions. Not only will this ensure appropriately tailored compliance obligations for banks and credit unions of various risk profiles, but it saves valuable time and resources for bank examiners. As it stands now, community banks are facing an ever-increasing regulatory burden that they can no longer shoulder. This has had a devastating impact on small banks, forcing consolidation or failure and stifling the creation of new banks in areas that need access to credit. In December 2015, a report by the Dallas Fed highlighted this problem, noting that the regulatory environment tends to be one-size- fits-all and concluding that the regulatory oversight should match the risk level an institution poses to the financial system and the economy at large. The CHOICE Act will stop the trend of increasing compliance costs and decreasing financial services. Mr. Chair, I thank the gentleman from Texas (Mr. Hensarling) for his tireless efforts on this legislation and urge my colleagues to support it.”