John Katko: “While the financial crisis certainly showed that targeted regulations were needed to protect our financial system, it…”

“While the financial crisis certainly showed that targeted regulations were needed to protect our financial system, it also showed that the real threats to the system did not come from community banks and other small financial institutions. Yet, because of high compliance costs and a fiendish complexity of the Dodd-Frank law, which all too often fails to recognize the lower risks posed by these institutions, they have been put at a disadvantage. This bill is part of the effort by the House to institute targeted reforms and ensure that we are not holding back small, stable institutions that millions of individuals and small businesses trust. H.R. 3791 is a well-targeted bill that will make it easier for small bank holding companies to raise capital and provide needed regulatory relief by raising the consolidated asset threshold for small bank holding companies. In doing so, this bill will benefit local economies and improve the health of the American economy as a whole. At the same time, the bill contains important safeguards to ensure that the financial system isn't put at greater risk. In short, this bill is exactly the kind of measured approach that Congress should take to protect homeowners and investors while also ensuring that we have a vibrant, well-functioning financial sector. I would like to thank Representative Love for her work on this bill and Chairman Hensarling for his hard work and leadership.…”