Today, Congressman Robert Pittenger (NC-09), along with Congressman Mike Quigley (D-IL), introduced the bipartisan Small Financial Institution Advisory Committees Act.
CONGRESSMAN PITTENGER INTRODUCES BIPARTISAN BILL TO SUPPORT COMMUNITY FINANCIAL INSTITUTIONS
Today, Congressman Robert Pittenger (NC-09), along with Congressman Mike Quigley (D-IL), introduced the bipartisan Small Financial Institution Advisory Committees Act.
This legislation would create a Community Bank Advisory Committee and a Credit Union Advisory Committee within the Treasury Department to provide the department with guidance on important issues impacting community banks and credit unions throughout the country.
“Small financial institutions serve a vital role in the health of the Main Street economy. They support hardworking families and local businesses who use that support to create jobs and stimulate local growth,” said Congressman Pittenger. “Too often, Washington creates regulations with Wall Street in mind and little regard for how they will affect Main Street.
“For example, institutions like Carolina Cooperative Credit Union and Aquesta Bank are not ‘too big to fail’ and should not be regulated in the same manner as large international financial institutions. This bipartisan legislation will provide credit unions and community banks a seat at the table to ensure common sense regulation.”
Both Advisory Committees would be made up of 15 to 20 members representing different charter types, asset sizes, geographic locations, and ownership types. Strong consideration would be given to members from rural and underserved communities. Findings and recommendations submitted by the Committees must be reviewed and responded to publicly by the Treasury Department.
“Rather than a ‘one-size-fits-all’ approach, new rules and regulations should be better tailored to reflect the complexity of the financial industry and to reduce risk where it is most prevalent. The Small Financial Institution Advisory Committees Act helps accomplish this goal by ensuring community banks and credit unions have a voice within the Treasury Department.” said Congressman Quigley.
Congressman Pittenger serves on the House Financial Services Committee, with a special focus on supporting small businesses, community banks, and credit unions.
