Political Quotes

“I am pleased today to speak on Mr. Tipton's bill, the TAILOR Act. But first I would note, as always, in participating in these kind of debates, any time you have a discussion led by Chairman Hensarling and by Ranking Member Waters, it is always an exciting, stimulating debate, and the intensity and the focus is always there. But, today, we are focused on what I think is a very important piece of legislation because too often we think of financial institutions as the big guys, the truly massive entities. The truth is, however, that institutions that accept deposits from Americans come in all shapes and sizes. Thus, it is important that the regulators consider those many shapes and sizes when requiring compliance. The TAILOR Act would require that consideration by regulators. My colleagues have already discussed that this provision has passed the House and is supported by the administration, as well as several industry groups. But I will note that for anyone in this body who represents a rural area, I guarantee banks and credit unions in your district are devoting a large portion of their budget to compliance. That is money that could easily go toward providing credit to the many Americans who need it. Shouldn't the regulators consider the small institutions when forming these regulations? This bill will free up some ability for those institutions to lend money to typical Americans and local businesses.…”