News from Representative Tom Emmer

Dear Friend, 

It’s a busy week in Washington.

Today, Congress has a once-in-a-generation opportunity to help millions of Americans achieve their version of the American Dream as we take up the most pro-growth, deregulation bill in decades. After passing the Senate Committee on Banking, Housing, and Urban Affairs and the full United States Senate on a bipartisan vote of 67-31, the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) is finally coming to the House Floor for consideration. I look forward to supporting these much-needed reforms to provide relief to our banks and credit unions on Main Street. 

As a member of the House Committee on Financial Services, I have been working hard to provide new opportunities for families and consumers in Minnesota.

Minnesota’s Sixth Congressional District has seen their community financial institutions choked off by ever-growing regulatory burdens from Washington. With Wall Street as the target, Congress promoted consumer protections to end Washington bailouts and solve the nation’s financial crisis. Unfortunately, the Dodd-Frank Act, in many ways, has done more harm than good, as evidenced by the continued disappearance of our nation’s small community banks and credit unions. 

As Dodd-Frank took a one-size-fits-all approach to regulation, financial institutions were required to hire more compliance officers. Due to these increasing compliance costs, lenders on Main Street were forced to reduce the amount of products and services they could offer, like mortgages, loans and other financial products. 

Many are surprised to learn that the Dodd-Frank Act resulted in 27,669 new regulatory restrictions, leading to more than 73 million hours of paperwork and more than $36 billion in compliance costs for the financial service industry. 

While big banks have gotten bigger, our community banks and credit unions – the lifeline of Main Street – are forced to close up shop. Minnesota has lost 25 percent of our local financial institutions in the past seven years.

Watch here as I speak in committee on the Home Mortgage Disclosure Adjustment Act.

Every American wants the opportunity to achieve the American dream - to own a home, buy a car, or start a business.

With this in mind, I authored and introduced the Home Mortgage Disclosure Adjustment Act, H.R. 2954. This bill will make it easier for American families and businesses to access the capital needed to achieve their American dream by alleviating burdensome regulations imposed on small financial institutions by the Consumer Financial Protection Bureau. The House of Representatives adopted the Home Mortgage Disclosure Adjustment Act on a bipartisan vote in January and it has been included as a provision of the Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155. Read more about my Home Mortgage Disclosure Adjustment Act here

I will continue my work in Congress to ensure all Minnesotans have the access to capital and support they need to realize their own version of the American dream.

Tune in to the House floor at 1:00pmCT here to watch live! Follow me on Twitter and Facebook for updates. 

Sincerely,


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