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Dear Friends,
This Congress promised the American people that we would work diligently on their behalf to promote economic policy that would truly help them. We are only six months into this legislative year, and the House successfully moved one of its major plans to stimulate economic growth through the Financial CHOICE Act.
Our plan fixes everything that is wrong about the current financial regulatory approach of Dodd-Frank. Over the past seven years, Dodd-Frank's policies have gutted the part of our financial industry that best serves families, consumers, small businesses, and entrepreneurs with competitive services and access to credit and capital--our community banks.
Community banks were not the cause of the 2008 housing and economic crisis. However, due to the regulatory creation of Dodd-Frank—Washington’s response to the crisis—small community financial institutions have borne the brunt of its effects. They have been unfairly punished with burdensome regulations that have increased paperwork and reduced productivity and services in too many of our communities.
If "too big to fail" was the narrative from the fallout of the '08 crisis, then "too small to succeed" is the fallout from Dodd-Frank. In late 2016, it was estimated that our country has lost one community bank or credit union per day since Dodd-Frank became law.
The nationwide reduction in community banks has hurt main street, all the while the biggest banks on Wall Street have only gotten bigger. Our plan would give regulatory relief to well-capitalized community banks, and this voluntary “off-ramp” concept is available to all banks willing to comply with the requirements. However, it is unlikely that the nation's largest, most complex institutions will be able to justify the dramatic increase in equity capital necessary to achieve the regulatory benefits.
The recent Congressional Budget Office (CBO) report on the CHOICE Act confirms this, stating: "CBO expects that most of the financial institutions that chose to maintain a leverage ratio at 10 percent would be those with assets below $10 billion, commonly known as community banks." And that "the eight large banks headquartered in the United States that are characterized as globally systemic important banks (G-SIBs) would not make the election because they would have to raise much more capital."
Our Committee has spent hundreds of hours in over 140 hearings and in meetings with regulators and industry experts to put together strong legislation that will reverse the Dodd-Frank institutionalization of ‘too small to succeed’ and ‘too big to fail.’
Our bill also will increase government accountability by providing structural reforms to the least accountable federal agency—the Consumer Financial Protection Bureau (CFPB)—making it subject to appropriations and requiring comprehensive cost-benefit analysis for rule-makings. The American people want economic growth and they want a government that is accountable to them, the Financial CHOICE accomplishes both of these goals.
Sincerely,
Representative French Hill |
Rep. Hill spending an evening with constituents at the Flag Day Concert in Little Rock. |
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Rep. Hill greeting Arkansans in his office in Washington prior to their tour of the Capitol. |
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News for the Week
City's bike-sharing push pleases Hill
Arkansas Democrat-Gazette
June 11, 2017
House passes sweeping bank deregulation bill
Politico
June 8, 2017
'There's a Total Sense of Urgency': Faith Leaders Sound Alarm on Mideast Genocide
CBN News
June 8, 2017
AR airports to receive FAA grants for airport improvements
KAIT
June 6, 2017
Arkansas Federal Lawmakers Support State's Disaster Request
AP
June 6, 2017
Arkansas delegation supports request for disaster declaration
Arkansas News
June 6, 2017
Floor Speech for One of 'Arkansas's Finest'
Last week, Rep. Hill went on the House Floor to recognize Staff Sergeant Robert Dale Van Fossen of Greenbrier, Arkansas. On November 22, 1952, a Douglas C-124A-DL Globemaster II, took off from McChord Air Base in Tacoma, Washington, headed for Elmendorf Air Force Base near Anchorage, Alaska. Staff Sergeant Robert Dale Van Fossen along with 51 others were on board. Near Middleton Island, in the Gulf of Alaska, the plane disappeared. After 64 years and extensive recovery efforts, Staff Sergeant Van Fossen’s remains were confirmed found and returned home to Heber Springs, Arkansas.Click the image to watch Rep. Hill's Speech on Staff Sergeant Van Fossen.
Press Releases for the Week
Hill Announces Hiring of New Financial Services Staffer
June 12, 2017
WASHINGTON – Today, House Financial Services Committee Whip Congressman French Hill (AR-02) announced that Little Rock native David “Chip” Bartlett would be joining his staff to serve as a Senior Legislative Assistant.
Click here to read more.
Hill Chief of Staff Named Stennis Fellow
June 9, 2017
WASHINGTON – A. Brooke Bennett, Chief of Staff for Congressman French Hill (AR-02), has been named a Stennis Fellow for the 115th Congress.
Click here to read more.
Hill Joins Suozzi, Roskam, and Meeks to Introduce Legislation Targeting Russian Interference with Democracies
June 8, 2017
WASHINGTON – Congressman French Hill (AR-02), Congressman Tom Suozzi (NY-03), Congressman Peter Roskam (IL-06), and Congressman Gregory Meeks (NY-05) introduced bipartisan legislation that targets Russian corruption and their illicit financial activities, which they use as a strategic tool to promote their interests while harming democracies here and in Europe.
Click here to read more.
Hill Votes to Help Increase Border Personnel
June 7, 2017
WASHINGTON – Today, the House passed H.R. 2213, the Anti-Border Corruption Reauthorization Act. The bill would allow the Commissioner of Customs and Border Protection (CBP) to waive the polygraph requirement for hiring new agents in limited situations for applicants with previous law enforcement or military experience.
Click here to read more.
Hill Statement on ISIS Genocide Relief Bill
June 6, 2017
WASHINGTON – Today, after the House passed H.R. 390, the Iraq and Syria Genocide Emergency Relief and Accountability Act, Congressman French Hill (AR-02) stated.
Click here to read more.
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