Barry Loudermilk: “Again, I appreciate the gentleman from Texas (Mr. Hensarling) for allowing me this time to speak in strong support of…”

“Again, I appreciate the gentleman from Texas (Mr. Hensarling) for allowing me this time to speak in strong support of the TAILOR Act and for my colleague, Mr. Tipton, for bringing this legislation forward. I am an original cosponsor of this bill, Mr. Speaker, not just because it is just one of these bills that you want your name on. It is because I really believe in the concept that right-sizing regulation of our community banks and credit unions is what they need to be able to survive and succeed. Now, I want to make something clear. The other side has argued that if one bank wants a regulation one way and another one wants a regulation another way, it is almost impossible. It is the regulators that are doing the tailoring. It is the regulators, not the banks, that would tailor the rules. And if the minority side does not trust the regulators enough, they should not have extended all this power to them through Dodd-Frank. The truth is, Mr. Speaker, every time I meet with community banks and credit unions in my district, they tell me about the excessive regulatory compliance burdens that this one-size-fits-all regulatory scheme has on them, and they describe it as a death by 1,000 cuts. In other words, it is not one single regulation that makes it difficult to do business; it is the combination of many under this one-size-fits-all scheme.…”