Sessions Supports Measure to Spur Economic Growth

Texas Insider Report: WASHINGTON DC  Cong. Pete Sessions (R-TX) Chairman of the House Rules Committee today issued the following statement regarding passage of H.R. 6392 the Systemic Risk Designation Improvement Act:

Washington has once again gotten in the way of legitimate business and is hurting the American people by imposing unnecessary and burdensome compliance costs on medium sized banks across the country. Asset thresholds regardless of how high or low are disincentives to growth. There will always be an institution that lies just above or just below a threshold. Regulation based on arbitrary numbers alone tells us very little about the risk an institution poses to the U.S. system. Systemically important financial institution designations of bank holding companies should be driven by risk not just asset size. We have to get the American economy moving again and in order to do that small businesses need access to capital Sessions said. This legislation will help American families and small businesses by freeing commercial banks to make loans a critical building block to economic growth.

To read more about H.R. 6392 the Systemic Risk Designation Improvement Act click here.