Political Quotes

“I thank Chairman Hensarling for his leadership on this issue, as well, and for considering this bipartisan legislation today. Mr. Speaker, the ever-growing burden and complexity of financial regulations is creating an environment of difficult choices for community banks and credit unions. Often, they must choose to incur the costs of complying with a regulation or cease to offer the financial product the regulation modifies. Whatever choice these community institutions make, it is the local consumer and the local economy that loses. Burdensome regulations drive up the costs of financial products and limit choices for consumers, which decreases a community's access to financial products and services that help their families to be able to buy their first home, to help small businesses grow. In districts like mine in Colorado, that amounts to real economic impact, especially in towns where the community bank or credit union on the corner is the only true access to credit that the community has. {time} 1615 When smaller institutions are unable to absorb the costs of additional compliance, it is the small towns across America that are disproportionately affected. As one banker from Colorado recently wrote me: We have seen time and again the impact of this regulatory environment consume many hours and resources of our compliance, credit, and audit teams despite the relatively simple business model that we follow. Mr.…”