Tag: regulation

Delivering on Small Business Week

Last week, the United States celebrated Small Business Week to honor the 30 million small businesses that keep this country running. In Minnesota, there are more than 500,000 small businesses employing over one million Minnesotans.

Yesterday the National Federation of Independent Business reported historic numbers thanks to Republicans’ pro-growth policies like tax cuts and deregulation. Small business optimism is the highest it’s been in 30 years while reports of improved earning trends were the highest in survey history.

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Block(chain) The Rush to Regulation

Recently, we have been hearing more and more about a new kind of technology called blockchain.  It’s perhaps more recognizable by the cryptocurrency Bitcoin, created in 2008. Blockchain, the underlying technology behind Bitcoin and other cryptocurrencies, may prove to be one of the most groundbreaking advancements in our history.

This exciting new technology doesn’t just affect currency and finance. It permeates all sectors of our economy, from healthcare to retail, into data, national security and beyond.  Among other reasons, blockchain is incredible because it gives advantage to the individual, not to the government.

As blockchain technology continues to grow, it catches the attention of the federal government. Congress has certainly taken a closer look, myself included. Read More

WSJ : Lawmakers Seek to Ease Mortgage-Disclosure Rule for Small Lenders

This article on H.R. 2954, the Home Mortgage Disclosure Act, was published in the Wall Street Journal, January 12, 2018. Read the full article here.

Excerpts:

The legislation would allow a significant proportion of community banks and credit unions to escape reporting requirements that came into effect this month. The new requirements fall under the Home Mortgage Disclosure Act, a law enacted in 1975 to curb discrimination against minority borrowers.

The bill introduced by Rep. Tom Emmer (R., Minn.) has a good chance of becoming law because a broad Senate financial-deregulation bill, introduced in November with bipartisan support, includes a similar provision. Mr. Emmer said he expected a few House Democrats to support his bill.

The bill is expected to cover roughly a quarter of the U.S. mortgage market, Mr. Emmer said in an interview.

“These thresholds will still require the Wells Fargos, Bank of Americas and JPMorgans of the world to report data but it will provide relief to little guys, community banks and credit unions,” he said.

Financial institutions, particularly community banks and credit unions, have complained about new disclosure requirements, citing compliance costs and data-security concerns.

Specifically, the legislation would expand the exemption to lenders that originate fewer than 500 closed-end mortgage loans in each of the two preceding calendar years, up from 25 loans currently. The threshold for open-end home-equity lines of credit would be raised to 500 loans a year from 100 loans currently.

Two of My Bills Cleared Committee

Last November, Americans went to the polls and demanded we Make America Great Again. While the mainstream  media may not always tell you about our progress, we are working to make that goal a reality.

Last week, in the House Financial Services Committee we got a little closer to it. I am proud that two of my bills – the Micro Offering Safe Harbor Act and the Home Mortgage Disclosure Adjustment Act – were debated and earned support from the majority of my colleagues to pass out of committee.

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How to Support “Made By Hand”

Last week was manufacturing week – a time dedicated to celebrate the men and women across the country in the manufacturing industry.

I may sound like a broken record, but the manufacturing industry is one of the two main drivers of our state’s economy. It accounts for more than 10 percent of our state’s private sector jobs and is responsible for nearly 15 percent of Minnesota’s GDP. According to the National Association of Manufacturers, this industry contributed more than $2 trillion to the U.S. economy last year.

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