Rep. Doug Bereuter, R-Neb., has introduced legislation intended to ease regulation of community banks. Recently, he discussed the Comprehensive Community Bank Burden Reduction Act at a hearing of the House Banking subcommittee on finanacial instituation. These excerpts were prepared by Claudia Cummins of Medill News Service.
The goal of the legislation is to reduce and streamline the excessive and duplicative reporting requirements and mindless regulatory red tape wherever it can be done without sacrificing safety and soundness. Today, I would like to outline my reasons for introducing legislation.