(WASHINGTON, DC) – Congressman Dennis Moore (Third District – Kansas), a senior member of the House Financial Services Committee, introduced legislation Thursday to simplify federal financial laws and regulations, easing the burden on our financial institutions and small businesses.

Moore’s bill, the Bank and Thrift Regulatory Relief Act, will significantly reduce the amount of time financial institutions spend filling out paperwork and will free up resources for the thousands of institutions on the front lines of community lending.

“Both businesses and consumers benefit when federal laws and regulations are streamlined to improve efficiency in the financial sector and assist small lenders,” said Moore. “America’s financial services industry is the most effective and competitive in the world and this bill will help us stay out in front. Reducing regulatory burdens on businesses and consumers is simply the right thing to do.”

Specifically, the Bank and Thrift Regulatory Relief Act would:

• Increase the ability of savings associations to invest in small business investment companies and remove limits for thrifts on small business and auto loans;
• Increase the ability of savings associations to invest in commercial real estate loans;
• Provide exceptions to annual privacy notice requirements under the Gramm-Leach-Bliley-Act for financial institutions who do not share information with affiliates or who have not changed their privacy policies;
• Authorize banks to offer interest bearing transaction accounts for all businesses;
• Provide business organization flexibility for national banks and thrifts;
• Provide flexibility in capital stock ownership requirement for directors of Subchapter S national banks

“At a time when many businesses are having difficulty obtaining access to credit, my proposal will provide important opportunities for small-and medium-sized businesses by, among other things, enhancing the role of savings associations as community lenders” Moore said. “The bipartisan support for this bill shows just how important it is, for both businesses and consumers, that Congress pass meaningful regulatory relief legislation soon.”

Moore introduced similar legislation during the 109th Congress, which was overwhelmingly approved by both the Financial Services Committee and the House of Representatives.