OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Volcker Rule Regulatory Harmonization Act

Floor Speech

Date: April 13, 2018
Location: Washington, DC
Issues: Finance and Banking

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Mr. DAVIDSON. Mr. Speaker, I rise on behalf of Ohio constituents who have suffered reduced access to the banking system due to the loss of community financial institutions in Ohio's Eighth District.

Like many things in Dodd-Frank that were intended to do good and protect consumers, the Volcker rule is doing the exact opposite. The Volcker rule was designed to protect depositors from having their deposits placed at risk through proprietary trading. It was not designed to discourage other forms of capital from flowing into our banking system, from increasing competition, or from lowering prices for a broad swath of customers.

This pragmatic, bipartisan compromise on Volcker is a great step forward in enabling community banks to reach their compliance costs and allow them to deploy more capital in the communities that serve.

My hope is we can move forward and pursue more commonsense solutions like this, especially to help underserved communities where we have seen local banking services dry up. I encourage support for this bill.

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