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42 | TH E M R EP O RT O R I G I NAT I O N S E R V I C I N G A NA LY T I C S S E C O N DA R Y M A R K E T ORIGINATION THE LATEST FSC OK's Relief Bills The Financial Services Committee rolls out 10 measures designed to help ease pressure on small businesses and individuals and, in turn, spur economic growth. A t the first legislative markup in 2016, the Financial Services Committee (FSC) unveiled 10 bills to help grow the economy through regulatory re - lief and capital formation for the nation's Main Street businesses. FSC Chairman Jeb Hensarling (R-Texas) delivered the opening remarks at the markup, noting that last year, the committee favorably reported 60 bills to the House, 43 of those bills were considered on the House floor, all 43 passed with bipartisan support, and 28 bills reached the president's desk and were enacted into law. "In an era of divided government, that's not a bad record," he said. One of the bills, the Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2015 (H.R. 2896), was created to provide smaller com - munity banks and credit unions relief from onerous regulatory compliance burdens and was passed by the committee. Congressman Scott Tipton (R-Colorado), sponsor of the bill, stated on his website that by requiring federal regulatory agencies to tailor regulations to fit the business model and risk profile of institutions, instead of imposing less effective and more burdensome one-size-fits- all regulations, the legislation would allow community banks and credit unions to focus more of their resources on provid - ing services to customers and growing their businesses, instead of draining them on excessive compliance. "Banks and credit unions are currently regulated under a one-size-fits-all approach regard - less of size or risk profile. As a result, regulations designed and intended for big banks are also applied to small community and independent banks or credit unions. The compliance regimens and costs imposed by these one-size-fits-all regulations are unbearable for small community banks that face an unnecessar - ily heavy compliance burden with fewer available employees and resources than much larger institutions," Tipton explained. "Regulations should be tai - lored to meet the risk profile and business model of specific institutions to prevent unneces- sary costs and burdens to those institutions, while ensuring that government regulators are able to better focus their resources to provide oversight and ensure a safe and reliable financial marketplace. The TAILOR Act would foster a regulatory environment where small banks and credit unions can focus their time and assets on investing in their surrounding communities, helping to generate economic growth and create opportunities, rather than sinking their re - sources into overly burdensome regulatory compliance that was never intended to impact smaller bank and credit union institu- tions in the first place." Hensarling added, "We've heard from countless witnesses who tell us that small community banks and credit unions—which had nothing to do with the finan - cial crisis—desperately need relief from regulations designed for big banks. We know that services customers once took for granted— like free checking—are being eliminated because of the cost and complexity of these burden - some regulations." Another piece of legislation that the committee marked up is the Flood Insurance Market Parity and Modernization Act, sponsored by U.S. Reps. Dennis A. Ross (Florida-15) and Patrick E. Murphy, intended to offer op - tions to homeowners and lower their costs on flood insurance by removing unreasonable regula- tory barriers that are limiting options. "There is no doubt the National Flood Insurance Program is badly in need of reform," Hensarling noted. "It is $23 billion in debt to taxpayers, it is unsustainable, and it hinders the development of a competitive private flood insurance market, which would give homeowners