Community banks’ crushing regulatory burden is stifling economic growth, upending the rule of law and hindering upward mobility for lower income individuals, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) told the bankers attending ABA’s Government Relations Summit yesterday.
“Our committee has no more urgent priority than bringing regulatory relief to America’s community banks,” he said, noting the critical role banks play in helping finance their customers’ dreams.
Hensarling urged bankers to explain to lawmakers -- particularly Democrats who may be wavering on the need for regulatory relief for fear that it will undo the Dodd-Frank Act -- how red tape affects their customers’ ability to buy a car, pay for college or start a business.
“Don’t talk about yourself, talk about the customer you know … the one that is going to be denied the opportunity to get a small business loan or buy their first mobile home,” he said. “Remind them that not even Barney Frank believes Dodd-Frank is chiseled in stone.”
Hensarling noted that his panel will be considering 11 regulatory relief bills today that enjoyed bipartisan support in the last Congress (see related story below). The bills, he said, represent targeted, modest efforts to correct unintended consequences of regulations and should be supported.