Chairman Chabot Supports Bill to Improve Access to Capital
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) helped pass H.R. 4790, the Volcker Rule Regulatory Harmonization Act to roll back the Volcker Rule, a burdensome and harmful regulation created under the onerous Dodd-Frank Act. Specifically, H.R. 4790 would exclude community banks from the Volcker Rule by raising the compliance threshold to $10 billion in consolidated assets, exempting them from regulations intended for large investment banks engaged in speculative trading.
“Instead of addressing problems, the Volcker Rule just created more of them for small businesses trying to access capital and the small community banks trying to provide it. Exempting them from the rule will allow community banks to better serve local and small businesses as they strive to grow their companies and create more jobs,” said Chairman Chabot.
The Committee has heard frequently from small businesses that many of the Dodd-Frank rules, regulations and provisions have limited access to capital and increased compliance costs for small financial institutions.