Providing for Congressional Disapproval of the Rule Submitted By the Office of the Comptroller of the Currency of the Department of the Treasury Relating to the Review of Applications Under the Bank Merger Act

Floor Speech

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Mr. HARIDOPOLOS. Mr. Speaker, I stand in support of Congressman Barr's good legislation.

Let me remind those listening about this idea that the tax issue is so important. Let's be clear here. The current rate on the highest earners in the United States is 37 percent. If our resolution passes, it will stay at 37 percent. There is no big tax break for the rich, as they claim over and over. It is 37/37. Let's be very clear on that message.

Second, who is getting the big tax cuts in this resolution? It is seniors, Social Security, people who earn tips, and people who work overtime. Those are the hardworking Americans who have supported the President and want to push this resolution forward so that we all enjoy economic success.

Getting to this issue today, I think it is so important, and Congressman Barr has put it perfectly. This is consumer protection. This is fair competition because the prior administration's OCC rule burdened businesses with excessive red tape, particularly targeting small banks and limited beneficial mergers.

Reversing this rule allows for essential mergers that drive innovation, lower operational costs, and benefit consumers. Remember, this rule was issued without coordinating with any other Federal agency.

This is why the smart decision Republicans are making today will codify and make a strong decision because we finally have true competition against the big boys that people say they are fighting against.

This is a commonsense issue, and I am proud to support Congressman Barr on this as a Member of the Financial Services Committee.

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