Political Quotes

“I come to the floor today to discuss the importance of community banks to our financial system and economy. Community banks are critical to the economic recovery and success of our local economies and small businesses. As our Nation continues to recover from the worst recession since the Great Depression, we need to do everything possible to provide measured, targeted regulatory relief for community banks, who were not part of the problem during the financial crisis. America's nearly 7,000 community banks are the primary source of lending for our Nation's small businesses and farms. Though they compose just 10 percent of the banking industry by assets, community banks make over 57 percent of outstanding bank loans to small businesses. In Louisiana, we have approximately 140 community banks. These institutions are vital parts of their local communities; their boards are often made up of local citizens who are personally invested in advancing the interests of the towns and cities in which they live. Today I am offering a very simple, common sense provision that would cut back on some of the onerous regulations community banks are facing without compromising the safety and soundness of our financial system or important consumer protections. The Consumer Financial Protection Bureau, CFPB, released its final rule on consumers' ability to repay mortgage loans under Dodd-Frank in January 2013.…”