Randy Neugebauer: “I thank Congressmen Hensarling and Moore and Chairmen Oxley and Bachus for their efforts to bring H.R. 3505 to the floor…”

“I thank Congressmen Hensarling and Moore and Chairmen Oxley and Bachus for their efforts to bring H.R. 3505 to the floor today. Regulatory relief is much-needed by our nation's financial institutions, and I am pleased to support this legislation. Since 1989, federal banking regulators have adopted more than 851 new rules and regulations. Regulatory costs, which total $38 billion, account for 13 percent of banks' non-interest expenses. It is time for Congress to provide relief. I am especially concerned about the impact of unnecessary regulations on community banks and small credit unions, which are the types of institutions that serve much of rural West Texas. The regressive burden of regulations has contributed to the decline in the number of community banks and diminished the investments they are able to make in small communities. H.R. 3505 includes a balance of regulatory relief among all types of financial institutions, and all institutions will benefit from the elimination of annual privacy notices when they do not share information or have not changed their privacy policy. There are provisions in this legislation that provide relief specific to community banks, national banks, credit unions and thrifts. I am especially supportive of the much needed relief on Currency Transaction Reports and Suspicious Activity Reports. Last year banks filed more than 13 million CTRs and 300,000 SARs, overwhelming law enforcement with reports.…”