Political Quotes

“Mr. President, I am going to be joined today by some of my colleagues from the Banking Committee who are also supporters of the Economic Growth, Regulatory Relief, and Consumer Protection Act. We rise today to speak about this bipartisan legislation, which advanced out of the committee last year by a vote of 16 to 7, a bipartisan vote. The primary purpose of this legislation is to make targeted changes to simplify and improve the regulatory regime for community banks, credit unions, midsized banks, and regional banks to promote economic growth. Many of us represent rural States where community banks and credit unions are the primary providers of credit and financial services. These institutions hold a competitive advantage over their larger counterparts, operating with a relationship-based knowledge of their customers and an understanding of their unique needs. They are decidedly disadvantaged when it comes to keeping up with the ever- increasing compliance and examiner demands coming out of Washington. Our bill offers much needed reforms that will reduce unnecessary burdens on smaller financial institutions so that they can use more of their capital serving customers rather than complying with Federal regulations that were never intended for them. It also adds protections against fraud and identity theft for consumers, veterans, senior citizens, and others, as well as for those falling on hard financial times. This bill is the product of robust, bipartisan negotiation.…”