12 MARCH / APRIL 2018 When Hoosiers can keep more of their hard-earned dollars, versus send them to Washington, ultimately they can start small businesses and other ventures that benefit the economy.” What are the responsibilities of serving on the House Financial Services Committee? “I’m passionate about Financial Services, because what makes the economy grow is efficient allocation of capital. If you build a better mousetrap, you should be able to get the capital to get that mousetrap out to people to buy it, then be able to produce more and expand to new locations. We need an environment where people with great ideas can access the capital they need to get their innovations out to the market. “At times it comes down to life-or-death situations. This country has led the world in biotechnology innovation, and we have successfully pushed the limits of what we’re capable of solving in terms of cures. “Now we need to roll back some of the regulatory environment that detracts from advancements, so that we can develop the next generation of cures to combat illnesses that plague Americans and Hoosiers. So, I’m passionate about how Financial Services can play a role not only in bettering the economy, but in bettering people’s lives.” In addition to the House Financial Services Committee, you serve on several subcommittees. What have you learned from your committee and subcommittee work? “What I’ve learned, and it’s really been disappointing, is how challenging the regulatory environment has been for our small community lenders. If you live in Salem, Indiana, or in any other small town, you have fewer choices for banks than you did just 10 years ago. “We’ve seen over one-third of small community banks either get acquired by bigger institutions, or close their doors because of the huge regulatory burden that’s been placed on them by people in Washington who didn’t understand fundamental differences between small community banks and big banks in New York or L.A. or San Francisco. “These bank lifelines to communities are hugely important. When you’re starting a small business, you go to your local bank to say, ‘You know me. We’ve gone to church together. You see this opportunity. You know this town could use a new pizza shop. You know this town needs a new car mechanic place.’ “We have for too long let policymakers in D.C. say that small lenders were the problem and impose a regulatory environment that’s caused banks to close their doors. We need to roll that back. “It’s astounding to me that the policies over the past 10 years have led us so far astray. But over the past year, we’ve worked really hard to make sure that we’re rightsizing and tailoring regulations, so that small community lenders are revived and enabled to serve their communities, not a bureaucracy in Washington.” As a new congressman, what were some of the surprises to you about public service? “A couple of surprises we’ve already talked about. One is how much career politicians are promoting their own interests in D.C., and not the interests of Hoosiers and Americans back home. “To me that is shocking, and it has led to $20 trillion in debt, to the hollowing out of our military, to regulatory burden on our businesses, to feeling unsafe in our communities. We have to reverse that culture in Washington. “The second big surprise is how far we’ve come in a year. For the last eight or nine years, economic growth had been anemic, but last year economic growth began to take off. We’ve seen two consecutive quarters of gross domestic product growth above 3 percent growth, and 2.6 growth in the fourth quarter. “We’ve also seen nearly 2 million jobs created over the last year. We’ve seen real wages beginning to take off. We’ve seen a tax code that’s finally been updated for the first time in 31 years. “It’s amazing how far we’ve come in just one year in starting to build a better economy that reaches every Hoosier and every American.” What would you like for bankers to understand about the legislative process? “That their voices are tremendously important. That there are too many policymakers who lack real-world business experience, so we need bankers to say, ‘This is really important to small community lenders across this country. This will enable us to make more loans. This will empower us to help get more people into the banking system, so they can start building a financial future for themselves.’ “It’s so important that people call my office, email my office, write letters and come visit. Making sure that we know what the right objectives are in policy, by getting voices heard in D.C., is priority No. 1 for me. During his interview with Hoosier Banker, Trey Hollingsworth discusses public service goals.
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