Political Quotes

“I rise tonight to talk about the bipartisan legislation that is before the body. It is an opportunity that provides significant needed regulatory relief, primarily to smaller financial institutions like community banks and credit unions. The Economic Growth, Regulatory Relief, and Consumer Protection Act will modernize the Federal Dodd-Frank regulations to ensure that small- and medium-sized banks, as well as credit unions, can lower their compliance costs, which will mean more loans to small businesses and better deals for their customers. For years, Dodd-Frank has hurt these smaller community banks and credit unions that have been caught up in this broader effort to rein in a select few larger financial institutions--primarily financial institutions on Wall Street. In effect, these smaller banks were caught in the web. Last week, I met with some of Ohio's community banks. I meet with them regularly, and they tell me these stories. Their view, of course, is these Dodd-Frank rules targeted at the big banks are actually hurting the little guys. Over the past several years, they have told me story after story about how their compliance costs have increased. A small bank will say they used to have one person doing compliance, but now they have three people doing compliance, and those costs get passed along to their consumers.…”