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Bachus Announces Hearing Focusing on Cost of Federal Regulations on Banking Industry

Brandon Moseley

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By Brandon Moseley
Alabama Political Reporter

Congressman Spencer Bachus (R) from Vestavia stated on Monday that the House Financial Institutions and Consumer Credit Subcommittee of the House Committee on Financial Services will be holding a hearing on the cost of new federal regulations on the banking and lending industries.

Representative Bachus said, “More than 400 new rules will be imposed on our economy because of the Dodd-Frank Act.  While some of them are necessary, many will serve only to stifle economic growth and employment. As regulators write the rules mandated by Dodd-Frank, we must make certain they do not harm the economy by drowning small business lenders in a sea of red tape.”  Rep. is the Chairman of the House Financial Services Committee.

The Chairman of the Financial Institutions and Consumer Credit Subcommittee is Congresswoman Shelley Moore Capito (R) from West Virginia.  Chairman Capito said, “This hearing builds upon field hearings we’ve hosted across the country regarding whether small financial institutions face significant regulatory burdens, and if so, guaranteeing that there is a workable regulatory regime so that these institutions can continue to survive and grow.  We must ensure that we have a diverse financial system.”

Chairman Bachus’s statement said that Wednesday’s hearing will begin at 10 a.m. and will be in room 2128 of the Rayburn House Office Building.  The subcommittee will hear from small banks, who have been negatively impacted by the Dodd-Frank Act.

In his statement, Rep. Bachus said that the subcommittee will examine how the rising costs of complying with new federal regulations was threatening the future of small banks and other financial institutions, and how red tape growth will lead to higher costs, harm the economy, and will eventually lead to fewer small banks and more large banks.

PricewaterhouseCoopers has released a new survey that predicts that Dodd-Frank regulations will decrease “revenues, increase operating costs and squeeze community bank profits.  In that survey, nearly 90 percent of banking industry leaders cited over-regulation as the biggest threat to business.”

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The Dodd-Frank Burden Tracker estimates that lenders will have to devote more than 24 million work hours each year to comply with just the first 185 of Dodd-Frank’s 400-plus rules.  Federal Regulators are still writing the remaining 215 rules.

The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed by the Democrat controlled Congress following the 2008 economic meltdown.  Dodd-Frank gives the federal government vast amounts of control over the economy especially in the financial services sector.

Congressman Spencer Bachus represents Alabama’s Sixth Congressional District.  The Sixth District includes all or parts of Blount, Jefferson, Shelby, Chilton, Coosa, and Bibb Counties.  Rep. Bachus is seeking his 11th term in the United States Congress.  His opponent in the November 6th General Election is retired U.S. Air Force Colonel Penny Huggins Bailey (D) from Leeds.

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To read Representative Bachus’s statement in its entirety:

http://bachus.house.gov/index.php?option=com_content&task=view&id=1279

Brandon Moseley is a senior reporter with eight and a half years at Alabama Political Reporter. You can email him at [email protected] or follow him on Facebook. Brandon is a native of Moody, Alabama, a graduate of Auburn University, and a seventh generation Alabamian.

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Baldwin, Escambia and Mobile residents impacted by Sally urged to apply for federal aid

FEMA has approved $11.1 million in housing grants to individuals and families through Sept. 28, according to the governor’s office. 

Eddie Burkhalter

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Gov. Kay Ivey took a tour of the damage from Hurricane Sally on the gulf coast Friday September 18, 2020. (Governor's Office/Hal Yeager)

Gov. Kay Ivey on Monday announced more than $11 million in federal disaster aid has been approved for those impacted by Hurricane Sally in Baldwin, Escambia and Mobile counties.  

FEMA has approved $11.1 million in housing grants to individuals and families through Sept. 28, according to Ivey’s office. 

“Hurricane Sally took a punch to our coastal areas, but thanks in part to the millions of dollars in federal assistance, the people of Alabama are moving along the road to recovery,” Ivey said. “I remain grateful to President Trump, Administrator Gaynor and their teams for prioritizing the people of Alabama reeling from Hurricane Sally. We will get through this together; we have done it before, and we will do it again.”

Federal grants to repair homes or for renting temporary housing made up $8.9 million of the FEMA funding. Grants for childcare, moving and storage, medical and dental comprised the remaining $2.1 million. 

The U.S. Small Business Administration has approved an additional $570,900 in disaster home repair loans for those impacted by Sally.

Ivey’s office encourages homeowners and renters in Baldwin, Mobile and Escambia counties to apply to FEMA for federal disaster assistance as soon as possible. Residents of these three Alabama counties may also be eligible to receive assistance for uninsured and underinsured damage and losses resulting from the hurricane.

Residents in those three counties impacted by Hurricane Sally may register for FEMA disaster assistance online by visiting disasterassistance.gov or by calling 800-621-3362. Persons who are deaf, hard of hearing or have a speech disability and use a TTY may call 800-462-7585. Multi-lingual operators are available. The toll-free lines are open daily from 6 a.m. to midnight CST.

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Those with a homeowner’s insurance policy are encouraged to file an insurance claim before applying for federal assistance. 

Information that may be useful to have when you register include:

  • Address of the damaged primary dwelling where the damage occurred
  • Current mailing address
  • Current telephone number
  • Insurance information and description of disaster-caused damage and loss
  • Total household annual income
  • Names and birth dates of family members who live in the household
  • Name and Social Security number of co-applicant (if applicable)
  • Routing and account number for checking or savings account so FEMA may directly transfer disaster assistance funds

 For more information on Hurricane Say visit FEMA’s website here.

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Education

New website for state resources for children, families launches

The website provides access to all the state’s resources for children and their families, including child care, education, family services and health services.

Eddie Burkhalter

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A screengrab of the Alabama Family Central website.

Gov. Kay Ivey on Monday announced the creation of a centralized website for the state’s social service programs and services for children and families. 

Alabama Family Central was created through a $500,000 allocation by the state Legislature from the state’s Education Trust Fund budget and provides access to all the state’s resources for children and their families, including child care, education, family services and health services, according to Ivey’s office. 

“Alabama Family Central will ensure that all parents and children in our state have access to crucial information and resources from numerous state agencies and non-profit organizations,” Ivey said in a statement. “Great parents need strong partners, and I am proud of the strong collaboration between the state and private sector to offer a one-stop shop of assistance for Alabama families. I appreciate the Alabama Partnership for Children spearheading this effort.”

In addition to pointing visitors to state programs and services, the website also points families who are undertaking remote school learning amid the COVID-19 pandemic to A+ Education Partnership, which advocates for quality education in Alabama.

The state website specifically directs visitors to a page that provides COVID-19 resources for parents, including sections on guidance and decision-making, supporting learning from home and coping and well-being. 

“When I learned that our students would be learning remotely due to the COVID-19 pandemic, my heart immediately went out to the parents who would need assistance teaching their children at home,” said State Sen. Vivian Davis Figures, D-Mobile, in a statement. “I requested funding to set up such assistance, so I humbly thank Governor Kay Ivey and Senator Arthur Orr, R-Decatur, for granting that request. It was a pleasure working with A+ Education Partnership and the Alabama Partnership for Children to incorporate this idea into their programs, and I look forward to its expansion. Every child deserves access to the highest quality education, no matter their circumstances.”

The Alabama Family Central website includes:

  • A+ Education Partnership
  • Alabama Department of Child Abuse and Neglect Prevention
  • Alabama Department of Early Education
  • Alabama Department of Education
  • Alabama Department of Human Resources
  • Alabama Department of Mental Health
  • Alabama Department of Public Health
  • Alabama Department of Rehabilitation Services
  • Alabama Medicaid

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Congress

Palmer supports legislation making unused PPP funds available to small businesses

There is an estimated $137 billion remaining in the Payroll Protection Program that could be immediately available to small businesses.

Brandon Moseley

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(STOCK PHOTO)

Congressman Gary Palmer, R-Alabama, added his signature to a discharge petition that would force a vote on a bill that would allow unused Paycheck Protection Program funds to be made available for small businesses.

There is an estimated $137 billion remaining in the Payroll Protection Program that could be immediately available to small businesses. The program has kept thousands of small businesses open since the start of the COVID-19 pandemic, and many are still in need as the economy continues to recover.

Speaker of the House Nancy Pelosi, D-California, has refused to hold a vote. The Democratic controlled House passed the $3.4 trillion Heroes Act, which Republicans opposed.

Palmer and House Republicans accuse Pelosi of holding American workers and businesses “hostage,” preferring the Democrats’ relief legislation.

“Speaker Pelosi has made her objectives abundantly clear,” Palmer said. “We could have negotiated and delivered immediate aid for small businesses and individuals weeks ago, but her leftist agenda always comes first. Many businesses are barely hanging, on anxiously awaiting the extension of the Paycheck Protection Program, but Pelosi is determined to hold them hostage to get her way. She would like to bail out states that were bankrupt before the pandemic and further a welfare agenda that is harmful to the economy. Today, I proudly signed a discharge petition to circumvent Pelosi’s control of the House floor and force a vote on a bill that would bring real relief to businesses struggling to survive the pandemic. It’s time for Members of Congress to stand up for small businesses and American workers since the Speaker clearly won’t. Small businesses across the country can’t wait.”

A discharge petition on H.R. 8265 was filed on Friday by Rep. Jaime Herrera Beutler, R-Washington, and 218 signatures are needed to bring the bill to the House floor for a vote. The bill was introduced on Sept. 16 by Rep. Steve Chabot, R-Ohio.

“This public health crisis has left our small businesses near permanent closure, and that will happen on a massive scale if Congress doesn’t act,” Beutler said. “Yet Congress isn’t acting, so I’ve filed the discharge petition in the House today so we can bypass the political posturing and bring relief to our nation’s small businesses and their employees. Other relief remains vital, but we either save jobs and businesses now or provide triage soon for the damage caused by empty buildings, lost livelihoods and health care plans, and fewer employment opportunities overall. Reviving the PPP has to be our priority.”

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“The Paycheck Protection Program has served as a critical lifeline for America’s small businesses,” said House Minority Leader Kevin McCarthy, R-California. “Since its launch, the program is credited with saving 51 million jobs nationwide. But our work in helping small business owners stay open and keep employees on payroll is not done. A recent report indicates that as many as 36 percent small businesses say if no new funding comes from Congress soon, they will be forced to lay off workers or cut back hours. Democrats have consistently blocked or delayed relief, but Republicans are not giving up. That is why House Republicans, led by Congresswoman Jaime Herrera Beutler have filed a discharge petition to force a vote on a stand-alone extension of the Paycheck Protection Program through the end of the year. It only needs 218 signatures to force a vote, so I hope that our Democrat colleagues will join us in delivering relief. My Republican colleagues and I will continue to act on our Commitment to America; we will be relentless in our fight to protect jobs, small businesses, and the American dream.”

“Since March, small businesses—corner stores, retail shops, and family restaurants—have been struggling to survive,” Chabot said. “Congress worked in a bipartisan manner to pass the CARES Act, which delivered rapid assistance to small firms through programs like the Paycheck Protection Program. Unfortunately, in recent months, additional relief for small businesses has been caught up in the partisan logjam and the livelihoods of real people hang in the balance. Congress must work together to get help to small businesses in Washington, Ohio, and across our great nation. Rep. Herrera Beutler’s discharge petition to force a vote on my legislation is the way to do just that. I thank her for her leadership on behalf of America’s small businesses.”

Multiple news outlets, including Roll Call and The Hill, are reporting that several House Democrats are “strongly considering” signing Beutler’s discharge petition.

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Palmer represents Alabama’s 6th Congressional District. Palmer does not have a Democratic opponent in the Nov. 3 general election.

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Agriculture Secretary Perdue to tour storm damage today

Secretary of Agriculture Sonny Perdue will tour farms in South Alabama on Monday to see damages from Hurricane Sally.

Brandon Moseley

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Gov. Kay Ivey took a tour of the damage from Hurricane Sally on the gulf coast Friday September 18, 2020. (Governor's Office/Hal Yeager)

United States Secretary of Agriculture Sonny Perdue, U.S. Rep. Bradley Byrne, Alabama Commissioner of Agriculture and Industries Rick Pate and Gov. Kay Ivey’s chief of staff Jo Bonner will visit South Alabama on Monday to tour damages following Hurricane Sally.

They will visit Flowerwood Nursery, a horticulture operation in Loxley, Alabama, severely impacted by Hurricane Sally.

Perdue, Pate and Byrne will also meet with Baldwin County farmers at a visit to Underwood Family Farm, a pecan farm in Summerdale.

Following the two stops in Alabama, Perdue will visit Jenkins Farm in Jay, Florida, a cotton farm impacted by Hurricane Sally. The secretary will hold a roundtable discussion with local Florida farmers and stakeholders impacted by Sally.

Hurricane Sally came ashore on Sept. 16 as a category two hurricane with 105 miles per hour winds and torrential rains. The wind, the downpour and then the flooding devastated crops in the area as well as blowing down trees and damaging homes and businesses.

Sally was the first hurricane to make landfall in Alabama in 16 years.

“Throughout Southwest Alabama, winds and flooding have left many without essentials like power, water and shelter,” Byrne said on Thursday. “Fortunately, help is on the way.”

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“Our thoughts and prayers go out to those who experienced significant damage during this powerful hurricane,” Pate said. “Alabama farmers have already faced economic hardships this year due to market instability, trade concerns and the coronavirus pandemic.”

Mobile, Baldwin and Escambia Counties have been declared a natural disaster area by the Trump administration.

“I went up to Escambia County today to check out some storm damage around Atmore and meet with local officials,” Byrne said. “Thanks to Sheriff Jackson for showing me some of the damage. It wasn’t just the coastal counties who took a beating from Hurricane Sally. Residents of Escambia County are all eligible to seek Individual Assistance from FEMA for any disaster related issues.”

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The Alabama Farmers Federation has started a relief fund so that people can help Alabama farmers who were impacted by Hurricane Sally.

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