WASHINGTON – This week, House Committee on Small Business Chairman Steve Chabot (R-OH) spoke on the House floor in support of H.R. 4607, the Comprehensive Regulatory Review Act. This follows a hearing the Committee held last week to examine a Government Accountability Office (GAO) report that identified a number of financial regulations that burden community banks and credit unions.

On the floor, Chairman Chabot said:

“I want to thank Chairman Hensarling, and the entire Financial Services Committee, for their continued important work on financial regulations.    

As Chairman of the Committee on Small Business, I constantly hear from Main Street businesses that regulations are preventing business expansion and job growth. 

Just last week, I chaired a hearing on a recent report by the non-partisan Government Accountability Office that explored whether financial regulations were impacting community banks and credit unions.

One of the major takeaways from that report was that we need to improve the tools available to financial regulators to reduce burdens. 

Because small businesses most often rely on conventional bank borrowing to finance their development, any additional red tape that reduces access to capital can be a monumental problem for the nation’s smallest firms. 

The bill that we have before us today, which would reform the Economic Growth and Regulatory Paperwork Reduction Act of 1996, is a move in the right direction. 

Making sure all financial regulators have a comprehensive process in place to review regulations will only strengthen our financial sector, which plays an outsized role for the millions of small businesses that line the streets of our communities and neighborhoods. 

I urge my colleagues to support the common sense reforms in H.R. 4607, and I yield back.”

Click here to watch the full speech.