Taking Account of Institutions with Low Operation Risk Act of 2017
Floor Speech
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Mr. LOUDERMILK. Mr. Speaker, again, I appreciate the gentleman from Texas (Mr. Hensarling) for allowing me this time to speak in strong support of the TAILOR Act and for my colleague, Mr. Tipton, for bringing this legislation forward.
I am an original cosponsor of this bill, Mr. Speaker, not just because it is just one of these bills that you want your name on. It is because I really believe in the concept that right-sizing regulation of our community banks and credit unions is what they need to be able to survive and succeed.
Now, I want to make something clear. The other side has argued that if one bank wants a regulation one way and another one wants a regulation another way, it is almost impossible. It is the regulators that are doing the tailoring. It is the regulators, not the banks, that would tailor the rules. And if the minority side does not trust the regulators enough, they should not have extended all this power to them through Dodd-Frank.
The truth is, Mr. Speaker, every time I meet with community banks and credit unions in my district, they tell me about the excessive regulatory compliance burdens that this one-size-fits-all regulatory scheme has on them, and they describe it as a death by 1,000 cuts. In other words, it is not one single regulation that makes it difficult to do business; it is the combination of many under this one-size-fits-all scheme. That is why this TAILOR Act is so important for the small guy
Since the financial crisis, our Nation has lost one community bank or credit union a day.
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Mr. LOUDERMILK. Mr. Speaker, in Georgia, we have lost more banks than any other State in the Nation, and, today, 52 of Georgia's 159 counties do not have a community bank headquartered there, and we have three counties that have no bank at all.
The TAILOR Act is simple. It is a commonsense idea, and I stand in full support. I encourage my colleagues to join me in supporting this commonsense act to right-size regulations for our small banks and credit unions.
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