OTC Markets: Community Bank Regulations Should Foster Main Street Growth — republished by Ronald Woessner

See below for an article of OTC Markets that appeared at this link.

Banking regulation tends to be a partisan issue, but there’s one thing lawmakers are certain to agree on: America’s community banks are the backbone of the country’s economy.

Community banks serve a unique purpose. These institutions make over half of all U.S. small business loans, providing capital to entrepreneurs seeking to start businesses, and the financing needed for local businesses to grow. They provide jobs, help families buy homes and serve as the financial core for communities nationwide.

Policymakers and regulators should consider a tailored approach to capital requirements, data reporting and other requirements to keep community banks alive and thriving as the economic engines of U.S. communities. More dramatic changes to regulatory structures would fall harder on small banks, as they don’t have the compliance teams that can rapidly implement changes the way large banks can.

According to a recent survey by the Federal Reserve and Conference of State Bank Supervisors, community bank compliance costs have increased by nearly $1 billion in the past two years to roughly $5.4 billion, or 24% of community bank net income.

The banking industry is thriving and we hope that any regulatory changes considered will take into account a community banks most important customer — Main Street.

The remainder of the article appears  here.

Mr. Woessner’s Linked In bio appears here

 

Tribute to the Late John Dingell — republished by Ronald Woessner

February 8, 2019 |Washington, D.C. – House Republican Leader Kevin McCarthy (CA-23) honored John Dingell, the longest serving member of the House in history, and his dedication to public service.

“I also rise to commemorate the incredible life and career of John Dingell – the former Dean of this House.

“Few individuals have amassed a record of public service that could rival John’s, and I will bet no one will ever match it – 59 years as an elected representative.

“In fact, his interest in politics began during his time as a Congressional Page, where he personally witnessed FDR’s “A Day That Will Live in Infamy” Speech from this very podium.

“Take one moment to think of the life that this man had witnessed on this floor.

“John taught us that public service is not a sprint, but a marathon. There are many lessons in his life that we can learn from, but I hope we take that lesson every day when we come to work here.

“Another lesson I hope we learn is the one of how I first met John.

“He was an icon before I got here. But I watched the respect, not from his own colleagues in his own party, but the respect from across the aisle.

“They went to John for advice.

“When he walked on the floor, there was many on our side that stood around him – they’d question him where we thought we could go. He believed in this House. He believed in this country.

“He had great passions – passions for his constituents, passion for his committee; energy and commerce. He loved this committee so much he thought there needed no other committee in this House. It wasn’t until his retirement that we got jurisdiction back in other places.

“But he understood an ever-changing world, if you can only imagine serving that long.

“He was able to adapt – which we should learn from too. Yes, the new world of social media, many would think would pass him by because of his age. But he was one of the first I would follow on Twitter.

“This is a lesson this House, in a bipartisan manner, should take. It’s one of my favorite tweets from John.

“It came on the day of July of 2017. He wrote, ‘I’ve been trying to repeal and replace the United States Senate since 1955 […] No luck.’

“Yes we are sad today, but he lived a life we can admire.

“I may have difference in opinion and philosophy with him but I admired his will to fight for what he believed in. I admired the way he treated people who had different beliefs and I admired the way he believed all sides should be heard.

“I speak for everyone on this side of the aisle to convey our deepest sympathies – and to Debbie.

And I ask that we lift up in our prayers to God for his soul to rest peacefully and to remember what he truly believed:

“Public service matters. This country matters – and the ability to work together so all Americans will have a better tomorrow.”

Chairman Hensarling Urges Senate Action on JOBS Act 3.0 on US House Floor — republished by Ronald Woessner

WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following speech on the House Floor today, urging the Senate to pass the “JOBS & Investor Confidence Act of 2018,” otherwise known as the JOBS Act 3.0:

“I come here today, Mr. Speaker, and I picked up a copy of this morning’s edition of the Wall Street Journal. Many Americans would consider it to be the most influential newspaper in America; but certainly at least on economic matters, I think, most would agree.

I just happened to read the lead editorial today, Mr. Speaker, and it says that the House, this body, “has done yeoman’s work shepherding bipartisan bills to expand access to capital.” Most influential paper in America. There’s a lot in between but let me go to the last sentence where it says, “The Senate shouldn’t scuttle what could be one of this congress’s better achievements.” That’s in today’s Wall Street Journal, Mr. Speaker, and the Journal’s talking about JOBS 3.0. It’s a bill that came out of this body 406-4, and its purpose, Mr. Speaker, is to promote small business, to promote entrepreneurial capitalism, to promote venture capital. Again, Mr. Speaker, it came out of this body 406-4. We couldn’t get 406-4 votes on a Mother’s Day resolution. And yet it languishes on that side of the Capitol.

So I’ve been in this body for 16 years, Mr. Speaker, and I’ve learned a few things. One of the things I’ve learned is never underestimate the Senate’s capacity to do nothing. And unfortunately, so far, the United States Senate has done nothing on a bill that passed 406-4.

Mr. Speaker, thanks to the leadership of President Donald Trump, thanks to the leadership of Speaker Paul Ryan, thanks to the leadership of Chairman Kevin Brady, we have what for most Americans – not all, but for most Americans – is the greatest economy they have had in their entire lifetime. Unemployment at a 50-year low. Cutting across all socioeconomic groups. Small business optimism, consumer optimism, off the charts. We are seeing more people come back into the labor force, and this is all great news.

But we cannot be blinded by the fact that as good as the economy is of today, we still have to concentrate on the economy of tomorrow. And we need to know, can we ensure that the seed capital is there? Can we make sure that our public policy nourishes the drivers of tomorrow’s economy, the next Amazons, the next Googles, the next Ubers; where are they going to come from?

So unfortunately, Mr. Speaker, what we have seen is that as recently as 2016, as recently as 2016, startups in America have been cut in half. And oh, incidentally the securities regulatory burden has increased by over 50% in the last 10 years, and by over 80%. It now costs, Mr. Speaker, twice as much to go public today as it did 10 years ago.

And what do we see? We see half the number of companies going public. They don’t seem to have that problem in China, Mr. Speaker, because China has over 1/3 of the world’s I.P.O.’s or initial public offerings.

Yet the United States, our I.P.O.’s have been cut in half. That’s why it’s so important that every Congress, every Congress we go back and we ensure that our securities laws are written in such a way that we make sure that entrepreneurial capitalism can’t just survive in America, but absolutely thrive. So I come to this floor again to ask that our colleagues on the other side of the Capitol, and I have many friends in that body, but I am often confused why, why they cannot act on something that has received incredible, incredible support in the House.

Mr. Speaker, November is National Entrepreneurship Month. There’s only two days left in the month. So I hope that my voice can be heard on the other side of the Capitol, and I would ask the United States Senate to immediately take up the JOBS 3.0 Act, and make sure that the economy of tomorrow for our children and grandchildren is as healthy and thriving as the economy of today.”

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See the link here for Mr. Woessner’s bio.

This is a reprint of a posting at the link here.

 

 

 

 

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