Simmons First National Bank Visit
Aug 22, 2013
Yesterday I had a great visit to Simmons First National Bank in Pine Bluff where I met with the community bankers from across Southeast Arkansas. I am grateful to the Arkansas Bankers Association for putting together this forum and for all the work they do on behalf of our state’s banking community. As you may know, in Congress I serve on the House Financial Services Committee; which has jurisdiction over many of the issues that affect Arkansas’s banks.
Yesterday’s meeting provided me with the opportunity to discuss a wide range of financial issues, such as Dodd-Frank and mortgage loan regulation. Across the issue spectrum, the consensus during my discussions yesterday was that the Obama administration’s excessive regulation is wreaking havoc on Arkansas’s community banks and hurting our state economy.
The more time Arkansas banks have to spend dealing with red-tape and bureaucracy, the less time they have to drive economic growth in our communities. The Financial Services Committee has been fighting back against the Obama administration’s assault on our community banks over the last 8 months. In April the House Financial Services Committee Financial Institutions Subcommittee held a hearing on the regulatory burdens community banks are facing under the current administration. Additionally, in July the Financial Services Committee passed the PATH Act, which a number of provisions to give regulatory relief to hometown banks from some of the most onerous rules hitting them as a result of Dodd-Frank. Be sure to keep checking this blog for updates on the Committee’s work to protect community banks.