Political Quotes

“I want to thank both Chairman Hensarling and Ranking Member Waters for their support of my bill as well as the hard work of Chairman Congresswoman Capito here for her help and support today, as well as Congressman Murphy for his sponsorship as well. At a time when regulators are requiring more and more from small and community-based institutions, I appreciate the opportunity to work across party lines to offer some commonsense relief. Small bank and thrift holding companies face unique challenges with regards to capital formation, which is a particular concern at a time when regulators are demanding higher capital levels in response to Basel III. Understanding these challenges, the Federal Reserve has recognized that small bank holding companies have limited access to financing and, as a result, face difficulties in the acquisition of small banks by small holding companies, which often requires the use of debt. The Federal Reserve Bank holding company policy statement, first issued in 1980, allows for relief from certain requirements, making it necessary for a small bank holding company to raise the necessary capital and issue debt. The policy statement also simplifies acquisitions and formation of new bank and thrift holding companies.…”