Opinion: Economic growth bill presents favorable options
Dec. 16, 2017
In Louisiana, credit unions and small banks help our communities thrive and our small businesses grow.
Our state’s dynamic culture and traditions are infused into the small businesses and institutions that serve as the backbone of our local communities. It is no surprise that their primary lenders are credit unions and small banks. And those same credit unions and small banks are who the community turns to when it needs mortgages and auto loans.
But these local financial institutions are facing challenges brought on by Washington bureaucrats. Now is the time to loosen the regulatory restrictions that are limiting their ability to help their communities.
That is why a group of U.S. senators from both sides of the aisle have put together a common-sense piece of legislation that delivers on what it promises: to better allow credit union and small banks to serve consumers. The common-sense fixes in S. 2155, the bipartisan Economic Growth bill, would be a boon for Louisiana small businesses while retaining tough protections for consumers from Wall Street.
Senate Bill 2155 eases mortgage lending and frees capital for small businesses, which are two essential ways to grow an economy that has suffered from both a financial crisis and the regulations put in place in response to it.