30 JANUARY / FEBRUARY 2019 FEATURE Rep. Trey Hollingsworth Indiana’s 9th District U.S. Congress Rep. Hollingsworth is a member of the U.S. House Financial Services Committee. ‘Banking’ a Difference In the economy Headlines across the country have been touting the enormous economic progress that has been made over the last few years. That progress has translated into the largest increase in wages and benefits for American workers in 10 years. The jobless rate dropped to 3.7 percent in September – the lowest in nearly 60 years. Job openings hit 7.14 million in August – far more than even the unemployed looking for work. Americans are the most confident in the U.S. economy than in 18 years. Then, in October, the United States regained the No. 1 spot as the most competitive country in the world. Those are the headlines, but what is less frequently discussed is the support our banking sector has been to that immense recovery. You – through long-term loans for new equipment, bank accounts for starting businesses, mortgages for first-time homebuyers, or revolvers for inventory – have been an integral part of that expansion. If ever you think working with customers as a teller, poring over spreadsheets in the credit department, or making calls to customers for their lending needs is a mundane task, you aren’t realizing the huge difference you make in our economic growth and the impact it makes on that Hoosier’s life In fact, over the last five years, community banks increased the amount of loans issued nationally by 46 percent, while community banks headquartered in Indiana increased the amount of loans issued by 32 percent. Over the last year, the industry added $428 billion in loan commitments. Access to capital makes businesses stronger and more resilient, thus ensuring our economy is the same. I have stopped into hundreds of businesses – from Main Street retailers to Fortune 500 manufacturers in Indiana’s Ninth District – and I continue to hear how their lenders, capital providers and bankers are helping them grow, hire and invest. That growth creates a ripple effect across our local economies, for as those individual firms do better, communities do better and, most importantly, Hoosiers across the state do better. My role is to empower you and support the work you do. Each day, I focus our House Financial Services Committee’s work on ensuring government doesn’t stand between you and your customers. I want you serving your customers, helping your customers, and growing your customers; government should enable that. I have been fighting for that in the committee every single day this past Congress. In fact, the Financial Services Committee has produced and passed more bills on the House floor than any other committee, and I will keep working to ensure it continues to move in the right direction. As we head into a new Congress, you have my promise to keep fighting for what you do, so you can do more for Hoosier customers. I want a broader financial system that empowers more Americans to reach their financial dreams by having access to institutions. I want a deeper financial system that enables a solution for every financial situation. I want a stronger financial system that is there for our Hoosier employers at every stage of the business cycle. You are central to that broad, deep, and strong financial system. Enabling every financial institution – from our largest to our smallest – to start and end their days thinking of their customers and their communities, not regulators or bureaucrats, will support this economic expansion and, most importantly, support Hoosier dreams, big and small. HB
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