Press Briefing by Press Secretary Sean Spicer James S. Brady Press Briefing Room After receiving his daily intelligence briefing this morning, the President led a National Economic Council listening session with CEOs of small and community banks.
PoliticalNews.me - Mar 10,2017 - Press Briefing by Press Secretary Sean Spicer
James S. Brady Press Briefing Room
1:04 P.M. EST
MR. SPICER: Good morning, everyone.
MR. SPICER: Thank you. Appreciate the -- John Roberts fact-checking from the seat. (Laughter.) Good morning -- good afternoon. (Laughter.) It’s not my fault, it’s on the paper.
After receiving his daily intelligence briefing this morning, the President led a National Economic Council listening session with CEOs of small and community banks. Since 2008, the number of small banks has declined 30 percent. The dramatic increase in regulation following the financial crisis has been a major driving force in the decline of these banks. Dodd-Frank alone has resulted in 22,000 pages of new regulations.
While large banks can hire armies of compliance officers whose sole purpose it is to ensure they meet the ever-growing number of regulations, it increases the cost of doing business for community banks, leading some not to engage in some forms of lending, or simply due to the time and costs involved.
Our community banks are key funding sources for small-business owners, entrepreneurs, farmers and ranchers across the country, many of whom can’t qualify for traditional loans. They provide approximately half of all loans to small businesses. By reforming the regulatory system so that it is efficient, effective, and appropriately tailored, we will stop treating these critical institutions in our communities the same as banks that have exponentially more in assets, enabling them to engage even more with small businesses and entrepreneurs that stimulate local economies.
The banks participating in this listening session are members of the American Bankers Association and the Independent Community Bankers of America. A full participant list is available to those who are interested.
Yesterday I noted the continued signs of good news in our economy in terms of hiring, and the morning reports showed that consumer comfort has risen to the highest level in a decade. I’m sure last night you also saw the report that illegal southwest border crossings are down by an extraordinary 40 percent, a significant deviation even when you consider the seasonal trends. These measures reflect that both the economy and the border are already responding to the President’s agenda, even while we’re still in the beginning stages of putting his policies in place.
The country and the world are clearly ready and waiting for the change that the President campaigned on and is already delivering. Right now, the President is holding a legislative affairs lunch with OMB Director Mulvaney and key members of Congress on his plans for the federal budget and repeal and replace that we’ve talked about.
This is just the latest opportunity to continue the dialogue between the President and members on Capitol Hill on turning his ambitious agenda into action. The strong relationship between President and congressional leaders will be key as the budget process moves along. As Director Mulvaney has been saying, our budget blueprint will be released in mid-March, and the President is