Political Quotes

“I come to the floor today to talk about the bill we have in front of us, the Economic Growth, Regulatory Relief, and Consumer Protection Act. That is a mouthful right there, but what it is, is a culmination and reaction to the Dodd-Frank bill that was passed in 2010 as a result of the crisis of 2008 and 2009. I think it is important for us to note where this is directed. In Dodd-Frank, so much of the focus was placed on large banks and larger institutions, but what has been lost in the debate and what really is an unintended consequence, I think, is that the massive and burdensome regulatory legislation would affect the smaller banks, the community banks, and the credit unions. Senator Rounds of South Dakota and Senator Blunt of Missouri and my State of West Virginia have more rural areas for the most part, and these community banks and credit unions are absolutely critical to our individuals but also to our businesses. They have been bearing the brunt of Washington's response to that in the form of Dodd-Frank. We know that larger financial institutions have the capital, resources, staff, and expertise to handle a lot of these regulatory requirements that are placed on them, but smaller institutions have really struggled under the weight of Dodd-Frank. We didn't come to this point today without a lot of discussion, compromise, and thoughtful input from a lot of different entities to figure out the best way to serve all our States.…”