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Latest News


Barletta Supports Lifeline to Main Street


Barletta Supports Lifeline to Main Street


WASHINGTON – Yesterday, the U.S. House of Representatives passed H.R. 1116, the TAILOR Act by a vote of 247 to 169.  The bill replaces the onerous one-size-fits-all regulatory compliance burden for smaller community banks and credit unions with a regulatory approach that fits their business models and needs.  Congressman Lou Barletta (PA-11) voted in favor of the legislation.


“The heartbeat of the American free market begins with smaller lending institutions,” Barletta said.  “Community banks and credit unions provide a relationship based source of lending.  Under this uniquely American structure, men and women looking for a line of credit to grow their business are seen as members of the community, not a statistic.  Dodd-Frank eroded this fundamental dynamic in the lending ecosystem. 


“Instead of reducing hurdles for economic growth, the Obama Administration and Congressional Democrats sought rigid government control as the solution.  The result was a bailout for Wall Street and the suffocation of Main Street.  This is exactly the sort of top down, one-size-fits-all decree of nameless, faceless Washington bureaucrats that cripples America’s economic growth.  Regulation should punish bad behavior, not crush the free market and the dreams millions of Americans have to start their own businesses or own their own homes.  I’m happy the House continues to take steps that grow the economy and open doors for Americans after years of closing off opportunity.”


In 1992, community banks accounted for 64 percent of $4.6 trillion in total banking assets.  By 2015, their market share had dropped to 19 percent.  Even with the dramatic decline, community banks still account for the largest share of small-business loans.  Small and medium sized banks hold around 55 percent of small-business loans and 75 percent of agricultural loans.


Community banks have pointed to the dramatic growth in regulatory requirements as the primary driver of smaller banks out of the market.  Reporting requirements and restrictions present a problem of scale for community financial institutions, which do not have the internal human or financial resources to abide by additional compliance burdens.


Since larger banking institutions have enough resources to address the necessary compliance and legal costs, they have been inherently provided an advantage over smaller institutions.  Many of the smaller institutions have since become victims to consolidation or closure.  It is clear Dodd-Frank’s adverse economic consequences have incentivized the growth of Wall Street.



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