Taking Account of Institutions with Low Operation Risk Act of 2017

Floor Speech

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Mrs. WAGNER. Mr. Speaker, I thank Chairman Hensarling for yielding. My hat is off to the vice chair of the Oversight and Investigations Subcommittee, my good friend, Congressman Tipton, for this fine piece of legislation.

Mr. Speaker, I rise today in strong support of H.R. 1116, the TAILOR Act, and I urge its immediate passage.

According to the most recent estimates, the 147 new regulations created under the Dodd-Frank Act have resulted in $40 billion in additional regulatory costs. Unfortunately, this one-size-fits-all approach trickles down to consumers and small businesses in my home State of Missouri, who, for years, have struggled to keep up with these unnecessary burdens.

I would like to take a moment to share how those burdens have had a real impact on the constituents of Missouri's Second Congressional District.

Due to new regulatory burdens imposed under the Dodd-Frank Act, a local credit union in my district contacted my office to tell us how they were forced to redirect their efforts away from helping their customers and into bureaucratic studies of how the new rules affected the credit union. Third-party costs skyrocketed, as the credit union was forced to spend more money on outside vendors and lawyers for guidance. Instead of providing their customers with new products or decreased costs, employees shifted their focus toward compliance efforts.

Congressman Tipton's bill, which enjoys bipartisan support, is yet another example of Congress getting it right. This legislation will focus on the institutions model and risk profile, which will, in turn, allow financial institutions like the one I previously mentioned to focus their time and resources on the communities that they serve.

Again, I am proud to support my good friend from Colorado, Congressman Tipton. I urge all Members to support his bill.

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