Arkansas Senator John Boozman and Congressman Bruce Westerman are on a small business tour. Thursday they met with bankers in Texarkana.
Among the topics of discussion was the the over-regulation of community banks in the decade since the U.S. financial crisis. Boozman and Westerman said many small community banks in Arkansas are being forced to close. Without those banks, they said, small businesses also suffer because it hinders their ability to borrow money.
Westerman said, “It wasn’t community banks that caused the financial crisis back in 2008, it was the large banks and it was mortgage companies. And, small community banks are paying the price for it.” Boozman added, “I predict in the next several weeks that we’ll actually pass a bill which President Trump will sign and will provide a lot of relief for the regulatory atmosphere, the over-regulation of our community bankers, which is causing a lot of loss of community banks.”
Senator Boozman said there’s been much communication with the Trump administration on the issue.