On the recordMarch 6, 2018
I want to thank my colleague from the Republic of Texas, Chairman Hensarling, for giving me this time to move away some of the hyperbole that you may hear today and speak about the truth of what this really simple and commonsense measure really does. Mr. Speaker, the Comprehensive Regulatory Review Act is a bill that I introduced simply to reduce the burden that outdated and unnecessary Federal regulations place on our small banks and lending institutions across the landscape of America. I would like to start by thanking some of my colleagues on both sides of the aisle who have worked tirelessly to make this a strong, bipartisan piece of legislation. I appreciate the gentleman from New Jersey (Mr. Gottheimer) for negotiating reasonable changes to this bill and for being an original cosponsor. I also appreciate Mr. Duffy and Ms. Sinema and the others who have reached across the aisle to cosponsor this important piece of legislation. To fully understand this bill, Mr. Speaker, we have to go back to 1996, when Congress gave the financial regulatory agencies a useful tool by passing the Economic Growth and Regulatory Paperwork Reduction Act, or, as you have heard today, more commonly known as EGRPRA. This law directed the Office of the Comptroller of the Currency, the Federal Reserve, and the FDIC to review their regulations once every 10 years to identify those regulations that may be outdated, unnecessary, or overly burdensome.…
