U.S. Rep. Randy Neugebauer (R-Texas) praised the House’s Financial Services Committee on Thursday for passing 11 regulatory relief bills that will help community-based financial institutions.
“Since the passage of Dodd-Frank, the American economy has been hit with hundreds of new regulations—often advertised as consumer protections—that have greatly limited the choices and opportunity of those on Main Street,” Neugebaur, the chairman of the Financial Institutions and Consumer Credit Subcommittee, said. “Dodd-Frank’s rush to regulate Wall Street has left those on Main Street with fewer financial products, fewer credit options and higher costs. Our community-based lenders have been especially hard hit. The consolidation of our community banks and credit unions will only worsen this negative trend and make it harder to get our economy back on track.”
Neugebauer sees the passed bill as an opportunity for the American economy to regrow.
“Today, the Financial Services Committee has begun to move the pendulum closer to the direction of reasonable regulation by taking the first step to address much-needed regulatory relief for our Main Street financial institutions and the consumers they serve,” he said. “These 11 bills will help jumpstart economic growth across America, and help move individuals and families closer to the American Dream. I applaud Chairman (Jeb) Hensarling and my colleagues on the committee, and I look forward to working together as we move these regulatory relief measures into law.”