Tom Emmer: “The House Financial Services Committee has been working hard for consumers, local banks, credit unions, and American…”

“The House Financial Services Committee has been working hard for consumers, local banks, credit unions, and American entrepreneurs during the 115th Congress. Today, we continue our work with H.R. 4607, the Comprehensive Regulatory Review Act. Introduced by my colleague from Georgia, Representative Barry Loudermilk, this bill brings accountability and modernization to the current regulatory review process for banks, credit unions, and financial institutions across the country. Currently, the regulatory audit conducted by our Federal financial regulators happens just once every decade, and the Consumer Financial Protection Bureau and the National Credit Union Administration are not technically a part of that review. It has been 21 years since we evaluated possible changes to this antiquated and inefficient system. That is why we need Representative Loudermilk's Comprehensive Regulatory Review Act to ensure the regulations we have in place are working to do what they are supposed to do: protect consumers. This legislation is made even more urgent given that unchecked and inefficient regulations are working against the very consumers our regulatory regime was designed to help. Take, for example, the fact that the United States lost nearly 12,000 of its federally insured banks between 1984 and 2016, making it harder for small business entrepreneurs and families to access the credit and capital they need to create new opportunities and grow.…”