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Today the House of Representatives passed the Comprehensive Regulatory Review Act, legislation supported by Congressman Jodey Arrington (TX-19), aimed at bringing regulatory relief to small community banks. Community banks make up over 50 percent of banks in rural communities and employ 20,000 people in District 19. Arrington delivered a speech on the House floor in support of the legislation.

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A full transcript of Arrington’s speech follows below. “Mister Speaker, I rise in support of the Comprehensive Regulatory Review Act. “As a former regulator at the FDIC, I can tell you that the road to a really bad economy is paved with seemingly good regulations. “Regulations, like the ones that came out of Dodd-Frank, were intended to protect the consumer, but ended up creating more burden, more complexity, more cost and fewer choices. And, by the way, it destroys relationship banking in rural America and the district I represent. “The best way to protect consumers and weed out the bad acting businesses is a healthy market with robust competition, transparency, and more choices for the consumer. “The last eight years gave us an ‘administrative state’ in place of the freest and greatest economy in the world. We inherited trillions of dollars in regulatory costs, millions of hours in paperwork, and an economy that had grinded to a near halt. “Let’s continue to rein in the unnecessary regulations, let’s get this economy growing again, and let’s make America great again.”

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