Political Quotes

“I thank Mr. Huizenga for yielding. Mr. Speaker, I want to start by thanking the gentleman from North Carolina (Mr. Pittenger) for leading on this important legislation. I rise today to express my support for the Clarifying Commercial Real Estate Loans act. The Financial Institutions Subcommittee has spent a significant amount of time analyzing the state of bank lending. Not surprisingly, aside from loans from major banks to major corporations, we found that bank lending in today's regulatory environment is weak. We need to jump-start our economic growth once again, so we are going to need to find ways to address some of the unintended consequences of the rules coming out of Washington, D.C. The high volatility commercial real estate loan designation is one such feature that has inhibited growth and opportunity. The complexity and ambiguity of HVCRE makes it hard for banks to comply. This drives up borrowing costs for real estate developers and prevents entrepreneurs from engaging in the types of activities that create jobs and opportunity. This legislation will bring clarity and common sense to HVCRE requirements, and I ask that my colleagues support the Clarifying Commercial Real Estate Loans act, which is important legislation.”