Financial Services Field Hearing Shows Excess Rules And Regulations Hurt Consumers' Ability To Borrow And Invest

Press Release

U.S. Representative Sean Duffy (WI-07), Chairwoman Shelley Moore-Capito (WV-02) and other House Financial Services Committee Members held a field hearing today on the effects of regulatory reform in Wausau, Wisconsin. The hearing, entitled Regulatory Reform: Examining How New Regulations are Impacting Financial Institutions, Small Businesses and Consumers, was led by Subcommittee on Financial Institutions and Consumer Credit Chairwoman Capito and included witnesses from across Central Wisconsin.

During the hearing, witnesses from local banks, credit unions and small business owners described the effects new regulations have on their abilities to borrow and invest.

"After hearing testimony from local banks, credit unions and small business owners, it is clear that the rules and regulations coming out of Washington are having a negative impact on our ability to invest, grow and create jobs. It's not right that local institutions who had nothing to do with the financial crisis are now being punished for Wall Street's mistakes," Duffy said. "It's so important to understand how onerous regulations affect small businesses, local credit unions and banks in Wisconsin, and I look forward to bringing these important testimonies back to our committee in order to create the policies needed to turn this economy around."

"Small business owners are forced to spend more time and money to comply with federal regulations, leaving less capital available for investment and growth," said witness Kurt Bauer, President of Wisconsin Manufacturers and Commerce. "New legislation put in place such as the Dodd-Frank act and national health care reform, as well as a large amount of regulation funneling out of the EPA, have driven up operating costs and discouraged additional hiring or expansion. By reducing the rules and regulations small business owners are forced to comply with, they may have the ability to hire more workers and expand their operations."

Witnesses At The Hearing Included:

Mark Matthiae, Crystal Finishing Systems President, Schofield, WI

Marty Reinhart, Heritage Bank President, Marshfield, WI

Todd Nagel, River Valley Bank President, Wausau, WI

Pat Wesenberg, Central City Credit Union President and Chief Executive Officer, Marshfield, WI

Mark Willer, Royal Credit Union Chief Operating Officer, Eau Claire, WI

Kurt Bauer, Wisconsin Manufacturers and Commerce President

Al Erickson, Mayor and Small Business Owner, Mosinee, WI

Bethany Sanchez, Metropolitan Milwaukee Fair Housing Council, Director of Community Development

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