[Congressional Record (Bound Edition), Volume 163 (2017), Part 7]
[House]
[Page 8908]
[From the U.S. Government Publishing Office, www.gpo.gov]




     PROVIDING RELIEF TO AMERICA'S COMMUNITY FINANCIAL INSTITUTIONS

  (Mr. ROYCE of California asked and was given permission to address 
the House for 1 minute.)
  Mr. ROYCE of California. Mr. Speaker, I would like to make the point: 
I am from the State of California, and that has long been the 
innovation capital for new ideas in America, for high-tech, and a place 
where a person with an idea and hard work and a little startup capital 
can grow a business.
  We have had a major problem with respect to our community banks and 
our credit unions, the smaller ones, and that is they are going out of 
business at a very fast, rapid clip. A large percentage of them are 
struggling under this Dodd-Frank legislation that was passed in 2010.
  Now, I think the legislation was well-intended, but to put all the 
regulatory burden and these costs on these smaller institutions has 
ended up with this one-size-fits-all regulation that makes it very, 
very difficult for them to give credit to entrepreneurs across our 
State.
  I think that many of the provisions have been injurious, then, not 
only to the community banks, the credit unions, the smaller ones, but 
to the small businesses, to the borrowers, and to the savers that rely 
on these institutions.
  We do need to make adjustment in this, and the Financial CHOICE Act 
will provide, I think, much-needed relief to the community financial 
institutions in a responsible and proactive way. I think that the 
premise is straightforward, which is a banking institution has to be 
strongly capitalized and well-managed to get the off-ramp from Dodd-
Frank.

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