Congressman Robert Pittenger

Representing the 9th District of North Carolina
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Financial Services

Small businesses create the majority of new jobs.  Businesses large and small need access to capital in order to grow.  Hardworking American families help the economy when they responsibly use credit to buy a car, finance an education, or remodel their kitchen.

Washington should support economic growth.  Instead, President Obama supports a policy of burdensome regulation, including the mammoth Dodd-Frank financial reform package of 400 new rules which limit financial choices for both businesses and families.  The result is meager economic growth of only two percent.

To be clear, I am not anti-regulation, and I am not opposed to necessary reform.  Unfortunately, Dodd-Frank goes overboard, fixing problems that don’t exist and ignoring the root cause of the financial crisis, which was the government requirement of easy credit for those who were a credit risk.

As a Member of the House Financial Services Committee, I work each week to address and correct problems created by Dodd-Frank, as well as push for complete repeal.

Many economists warn that certain provisions of Dodd-Frank will make it much harder for small businesses to qualify for loans they need to create jobs.  To address this, I have introduced the Right to Lend Act (H.R. 1766), which repeals those specific provisions of Dodd-Frank and eases the paperwork burden on small financial institutions.

Dodd-Frank also hurts the economy when new regulations designed for massive, “systemic risk” financial institutions trickle down and needlessly harm small businesses, community banks, and credit unions.  In April, the House of Representatives passed legislation I wrote to give small businesses a voice in the regulatory process by creating a small business advisory board within the Consumer Financial Protection Bureau.

The Bureau of Consumer Financial Protection Advisory Boards Act (H.R. 1195) also makes permanent existing advisory boards representing credit unions and community banks.  The House of Representatives approved my CFPB reform legislation by a bipartisan vote of 235-183, and it has now moved to the Senate for further action.

Currently, I am preparing to introduce the bipartisan Financial Regulatory Clarity Act of 2015.  This common sense legislation will require financial regulators to ensure proposed regulations do not conflict, contradict, or duplicate other regulations already in place.  This will reduce confusion, lessen the red tape currently strangling the economy, and allow businesses to focus on creating new jobs.

As a resident of Charlotte, I understand that the financial services industry is vital to our local economy.  As a former small business owner, I understand how burdensome regulations make it difficult to create jobs.  As your Congressman and a Member of the Financial Services Committee, my goal is to work toward common sense solutions which help hardworking American families, grow an opportunity economy, and create jobs.

More on Financial Services

Apr 21, 2017 Press Release
Former Federal Reserve Chairman Alan Greenspan told CNBC, “If you get rid of Dodd-Frank, it’s going to have a very significant positive impact on the economy.”
Feb 3, 2017 Press Release
Congressman Robert Pittenger (NC-09) had this statement on President Trump’s Executive Order to delay implementation of the Obama Labor Department’s illogical “fiduciary rule.”
Jan 25, 2017 Press Release
During his final month in power, President Obama provided $261 million U.S. tax dollars to the Palestinian Authority.
Jan 13, 2017 Press Release
In response to a bipartisan request led by Congressman Robert Pittenger (NC-09), the Securities and Exchange Commission (SEC) extended the deadline for public comment on the proposed Chinese takeover of the Chicago Stock Exchange from January 3rd into mid-to-late February.
Jan 11, 2017 Press Release
Congressman Robert Pittenger (R-NC) and Congressman Keith Ellison (D-MN) introduced the bipartisan Credit Access and Inclusion Act, designed to give hardworking Americans better access to affordable credit and more opportunities to build their credit score on their own merit.
Nov 22, 2016 Press Release
Congressman Robert Pittenger returned from Latin America this morning after hosting a major international forum for Members of Parliament and other government officials regarding joint efforts to prevent terrorism financing activity in South America.
Nov 18, 2016 Press Release
Congressman Robert Pittenger travels to Latin America this weekend to host a major international forum for Members of Parliament and other government officials regarding joint efforts to prevent terrorism financing activity in South America.
Sep 29, 2016 Press Release
Congressman Robert Pittenger (NC-09), who represents Charlotte on the House Financial Services Committee, today questioned Wells Fargo CEO John Stumpf regarding the opening of new accounts without customer authorization. Charlotte is Wells Fargo’s largest employee base, with more than 23,000 employees in the region.
Sep 16, 2016 Press Release
Congressman Robert Pittenger (NC-09) joined House Financial Services Committee Chairman Jeb Hensarling in launching an investigation into alleged fraud at Wells Fargo, as well as the role of Washington regulators in monitoring and investigating this activity.
Sep 16, 2016 Press Release
The National Federation of Independent Business (NFIB) has presented Congressman Robert Pittenger (NC-09) with the “Guardian of Small Business Award” in recognition of his support for small business issues in Congress.