Political Quotes

“I thank the chairman for yielding. Mr. Speaker, I rise today to express my support for H.R. 4771, the Small Bank Holding Company Relief Act. I also want to thank my colleague from Utah, Representative Love, for her hard work on this important issue. We have extensively discussed the challenges that small banks face in the current regulatory environment, both on the House floor and in the Financial Services Committee, including, just yesterday, a debate on the Mortgage Choice Act. These challenges contribute to the continued retreat of community banks from small towns and underserved communities across our country, including those that dot my district in the hills and valleys of western Pennsylvania. This hurts families and Main Street businesses by depriving them of the access to financial services that they desperately need. The Small Bank Holding Company Relief Act will allow more institutions to operate under the Small Bank Holding Company Policy Statement, which will help them raise additional capital by issuing debt. It will also make it easier for covered institutions to form new holding companies, fund existing holding companies, and make acquisitions. Altogether, this is a smart, targeted bill that will help more small financial institutions grow and adjust to the changing economic and regulatory landscape. Mr. Speaker, I urge my colleagues to support this legislation.”