News

Mar 06 2018

Corker Urges Passage of Financial Regulatory Reform Legislation

Senator Calls It a ‘Responsible Bill’ to Help Community Banks Flourish Again

WASHINGTON – In remarks on the Senate floor today, U.S. Senator Bob Corker (R-Tenn.), a senior member of the Senate Banking Committee, joined a number of colleagues to urge passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155). The bipartisan legislation, authored by Chairman Mike Crapo (R-Idaho) and cosponsored by Corker, is targeted toward helping community banks, credit unions, mid-sized banks, regional banks and custody banks. The bill also includes important consumer protections, particularly for veterans, senior citizens and victims of fraud. Excerpts of the senator’s remarks follow.

“I was here when Dodd-Frank was passed. I was on the banking committee at that time. I didn't support it, and the reason I didn't support it is for the many things that we’re doing today to correct it.

“And whenever regulation passes, it begins at the targeted group – which was the larger institutions in our country, which failed – but then over time, the regulatory processes seep down to the smaller entities, the smaller banks that are enhoused in the communities all across our respective states. [These are] the members of the Rotary Club, the Kiwanis Club, the Lions Club, the Chamber of Commerce, the people who make things happen in our communities back home.

“And so we’ve ended up in a situation now where our community banks and credit unions that serve our communities, that cause economic growth to occur, now have these large back-office operations that are spread over a smaller asset base.

“[It] has made them noncompetitive and has made it very difficult for them to do the jobs that we all cherish that they do back home, which is help to grow those economies. And so this bill is focused on them.”

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“But what we’re doing here is giving relief to those institutions, and it’s about time. We've had enough time to see what needs to happen.

“This was done in a bipartisan way, which I’m thankful of. And Senator Crapo… I would just like to thank you for your leadership here and working with people on both sides of the aisle to create a responsible bill that’s not an overreach.

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“What we’re doing is taking a very constructive step to make sure that these smaller institutions, which represent a very small amount of the assets in our nation but have such outsized impact on the communities that they are in, have the ability again to flourish and do the things that are necessary for our economies back home to grow.

“So, I thank you. I’m proud to be a part of this and a cosponsor. I thank you for letting us be a part of it, and I hope that collectively we will ensure this is a very successful effort. Thank you.”

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