Washington, D.C. – Earlier this week, Congressman Tom Emmer (MN-06) joined members of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit to discuss a series of legislative proposals which will provide targeted regulatory relief to Minnesota’s community banks and credit unions while strengthening our overall financial system.
While Congressman Emmer is not a member of the Financial Institutions Subcommittee, Chairman Blaine Luetkemeyer (R-MO) allowed him to join the hearing to highlight two initiatives Emmer is helping to lead in Congress: The Home Mortgage Disclosure Adjustment Act (H.R. 2954), and the Keeping Capital Local for Underserved Communities Act (H.R. 2403).
"Continued pressure from regulators in Washington make it difficult for our community financial institutions to provide the tools and capital our communities need to grow and thrive," said Emmer. "These legislative proposals highlight the fact that banks and credit unions on Main Street Minnesota are not like big banks on Wall Street, and therefore should not be regulated as such. Even further, these reforms empower community banks, minority-owned banks, and community-development banks with additional depository tools to help consumers keep and utilize more capital in their communities."
The text of H.R. 2954 and substantially similar text of H.R. 2403 was incorporated by Chairman Luetkemeyer into his Community Lending Enhancement and Regulatory Relief Act (CLEARR) of 2017 (H.R. 2133), which was discussed at the hearing.
You can learn more about the Home Mortgage Disclosure Adjustment Act or the Keeping Capital Local for Underserved Communities Act, here and here.
Congressman Emmer serves on the House Financial Services Committee. Emmer sits on the Subcommittee on Capital Markets and Government Sponsored Enterprises, the Subcommittee Monetary Policy and Trade, and the Subcommittee Hearing on Terror and Illicit Finance.