Mid City Times

Congressman Roger Williams from Texas has introduced a new bill aimed at repealing Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This section requires financial institutions to collect and report detailed data on small business lending, which Williams argues imposes significant regulatory burdens on these institutions.

"Small businesses are the backbone of the American economy, and it is crucial that they can access affordable credit to support and grow our communities,” stated Congressman Williams. He emphasized that his proposed legislation aims to "eliminate costly regulatory burdens on financial institutions, ensuring greater access to credit for small businesses."

Section 1071's requirements have reportedly led to increased compliance costs for lenders, reduced access to credit for small businesses, and placed disproportionate regulatory pressures on community banks and credit unions.

Senator John Kennedy from Louisiana plans to introduce a companion bill in the Senate. The House bill has several cosponsors including Bill Huizenga (MI-04), Mike Flood (NE-01), Dan Meuser (PA-09), Ann Wagner (MO-02), Monica De La Cruz (TX-15), among others.

Several organizations have expressed their support for this legislative effort. These include the Texas Bankers Association, Independent Community Bankers of America, American Bankers Association, America's Credit Unions, National Federation of Independent Business, Equipment Leasing and Finance Association, Independent Bankers Association of Texas, American Financial Services Association, Mortgage Bankers Association, and Defense Credit Union Council.

Congressman Roger Williams serves as the Chairman of the House Small Business Committee and is also a member of the House Financial Services Committee. He represents Texas' 25th Congressional District.