Club 20: Tipton tries to loosen loan rules for small banks
U.S. Rep. Scott Tipton, R-Colo., is working with a Colorado Democrat to loosen credit for small businesses, a measure Tipton touted Saturday as he spoke during the fall meeting of Club 20.
The “Capital Access for Main Street” measure, H.R. 5249, sponsored by Tipton and U.S. Rep. Ed Perlmutter, would loosen regulatory requirements on small banks, those with less than $10 billion in assets, and allow them greater latitude in making loans to small businesses.
“Small businesses right now are being choked off” from capital, Tipton said as he led off Club 20’s fall gathering before about 200 people in the Colorado Mesa University Student Center.
In addition to promoting economic growth through easing regulations on lending, Tipton said other regulations need to be reviewed by Congress as he also called for lawmakers to consider the economic effects of regulation.
Regulators are given too much latitude and too little oversight in drafting and enforcing regulations, Tipton said.
Before regulations become effective, “Wouldn’t it be sensible to bring regulations to the committee of origin and seek approval?” Tipton said.
Tipton, a freshman congressman who owns a pottery business in Cortez, said he supports changing the tax code for business, calling for the elimination of tax loopholes to accompany a general reduction in the corporate income tax rate.
Better balancing the tax structure would allow companies to make better business decisions, he said.
He signed on to support a balanced-budget amendment because the nation no longer can afford to spend more than it takes in, Tipton said, adding he agreed with President Obama that the nation needs more hiring, especially in hard-hit, sparsely populated towns on the Western Slope and in southern Colorado.