Committee Passes 11 Regulatory Relief Bills to Strengthen the Economy

As Chairman of the Financial Institutions and Consumer Credit Subcommittee, I have made regulatory relief for Main Street a top priority. The Dodd-Frank Act’s 400+ new regulations have hit our local community banks and credit unions particularly hard. Community banks and credit unions did not cause the financial crisis but Washington’s one-size-fits-all regulations are treating them like they did. The United States lost nearly 1,000 community banks and close to 1,000 credit unions between 2010 and 2014.

This trend is especially troubling for the 19th District of Texas because 70 percent of agricultural loans and over 50 percent of small business loans are made by community banks. In addition, we have seen fewer financial products, fewer credit options, and higher costs. Last week, the Financial Services Committee passed 11 regulatory relief bills for our Main Street institutions and the consumers they serve. This is an important step in this new Congress to get our economy back on track and expand opportunity. I will continue to work with my colleagues in Congress to move these bills forward and into law.

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