Wendy Sherman: “I'll take a minute to put into the Record the statements of Adam Levitin, a professor of law at the Georgetown…”

“I'll take a minute to put into the Record the statements of Adam Levitin, a professor of law at the Georgetown University Law School, in support of this bill. He came before our committee in May of 2012 and stated ``there are unquestionably financial regulations that do little other than add to regulatory burdens.'' He cited, in particular, the provision that this bill addresses, and said: ``I would also urge the elimination of the privacy disclosure requirement even if there is no substantive replacement for it.'' But then he added: ``And, at the very least, eliminate the requirement of an annual disclosure when there has been no change to the policy.'' I couldn't agree more with the professor. SMALL BANKS' REGULATORY BURDENS While many small banks and credit unions believe that their regulatory burden is too great, it has little to do with the Dodd-Frank Act. Therefore, concerns about the regulatory burdens on small banks do not provide a good justification for altering or repealing provisions of the Dodd-Frank Act. If there is a problem with the burdens created by specific regulations, then by all means, we should reexamine those regulations and decide if they make sense. There are unquestionably financial regulations that do little other than add to regulatory burdens.…”