Mar 8 2018

Yesterday, U.S. Senator Thom Tillis (R-NC) spoke with Kevin Cirilli on Bloomberg about the Economic Growth, Regulatory Relief, and Consumer Protection Act and the recent discussion over tariffs.

CLICK HERE to watch the interview.
Senator Tillis on Economic Growth, Regulatory Relief, and Consumer Protection Act:
“This legislation provides relief to community banks and midsize regional banks. It does not restrict the regulators from going down the chain and identifying any practices that need additional regulations, but instead of assuming you have to overregulate, do it when the behavior of the banks warrants it. What we are trying to do is fix the regulatory regime so we can get community banks back in business. We have seen a dramatic fall in the number of community banks that have a personal relationship with the people seeking loans. We have bipartisan support for this bill because we have fixed the regulatory burden on smaller banks, we think it makes sense, and believe it will have a positive effect on the banking sector.”
Senator Tillis on regulations:
“We have to continue to right-size regulations. Instead of swinging for the fences, there are a number of things we can do to remove the regulatory burdens. We want to protect consumers, but there is a right way to do it and a wrong way to do it. What we are trying to do is get the economy moving and capital flowing so people get the loans they need to invest in businesses, grow the economy, and create jobs.”
Senator Tillis on tariffs:
“I hope we take a surgical approach to tariffs. It's not that we don’t want to call out the bad actors, including China and other nations guilty of what we consider unfair trade practices, but we also have to realize the global nature of trade today. We have to be careful to find a policy that punishes the bad actors but does not have a stifling effect on global supply chains. We do not make any one thing in any one country, and you have to look at the full effect. We also have to look at the unintended consequences of tariffs on agriculture, commodities, and other things that are not at the basis of the tariffs being imposed.”