Rep. Shelley Moore Capito (R-W.Va.) will chair a House subcommittee hearing on Monday allowing banks in her state to come forward about the impact of new regulations on their ability to create jobs.
“If we’re going to get our economy moving again, small businesses must have access to capital so they can grow and create new jobs,” Capito said. “Yet, the burden of new red tape coming out of Washington is crushing small, community-based financial institutions like those we have in West Virginia. We need to look at the cumulative impact all these regulations are having on our economy and see what can be done to eliminate unnecessary roadblocks to our recovery.”
Under the 2010 Dodd-Frank Act, regulators are required to issue 400 new regulations governing the private financial sector. Many American financial institutions have expressed concern regarding the compliance costs and regulatory burden associated with the new rules, saying that increased costs will force them to cut back on lending in local communities.
Several bank and business representatives, including Charles R. Hageboeck, the president and CEO of City National Bank; Tom Brewer, the president of People’s Federal Credit Union; William A. Loving, the president and CEO of Pendleton Community Bank; John Wohlever, the owner of Mountaineer Mobile Homes; and Sarah K. Brown, an attorney with Mountain State Justice, Inc., are expected to testify before the subcommittee.