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Chairman Bachus Says Community Bankers And Small Businesses Need Relief From Regulatory Burdens That Impede New Jobs
Washington,
July 8, 2011 -
Financial Services Committee Chairman Spencer Bachus made the following statement concerning today's Subcommittee hearing on legislative proposals regarding bank examination practices.
"Every member of Congress has heard the concerns of small business owners and bankers about overzealous regulators.
"No one wants regulators to allow unsafe practices, but no one wants regulators to stifle a potential economic recovery by applying regulatory standards in ways that needlessly inhibit bank lending.
"Bank examiners must balance the competing goals of encouraging banks to extend credit with ensuring that the institutions they oversee are acting prudently. They must recognize the risks of over-regulation, and particularly avoid subjecting smaller financial institutions to undue regulatory burdens.
"With a struggling economy and high unemployment, our communities need help, and our community bankers and small business owners need some relief from the growing regulatory burdens that impede the creation of new jobs.
"I thank our colleagues Mr. Posey and Mr. Westmoreland for offering these proposals that we are reviewing today."
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