Congressman Scott Tipton (CO-03) has reintroduced the Taking Account of Institutions with Low Operation Risk (TAILOR) Act (H.R. 1116), a bill to provide smaller community banks and credit unions relief from onerous regulatory compliance burdens. By requiring federal regulatory agencies to tailor regulations to fit the business model and risk profile of institutions instead of imposing one-size-fits-all mandates across the board, the TAILOR Act would allow community banks and credit unions to focus more of their resources on providing services to customers and growing their businesses. The bill would also free up resources for federal regulators to better focus oversight efforts on higher risk institutions.
Tipton said, “Under Dodd-Frank rules, banks and credit unions are currently regulated under a one-size-fits-all approach regardless 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 costs associated with these one-size-fits-all mandates are often unworkable for small community banks, which often don’t have the employees or resources to meet the compliance obligations. Regulations play an important role in keeping our communities safe and secure, but they should be tailored to meet the risk profile and business model of specific institutions. The TAILOR Act would allow federal regulators to better focus their oversight efforts, and allow small banks and credit unions to focus their time and assets on investing in their communities, helping to generate economic growth and job opportunities.”
In a press release, American Bankers Association Executive Vice President, James Ballentine, said, “This important bill would help address the huge flow of new regulations that have made it more difficult for banks to meet the needs of consumers and small businesses as well as local and regional economies. Regulators should be empowered – and directed – to make sure that rules, regulations and compliance burdens only apply to segments of the industry where warranted.”
The TAILOR Act received support from a bipartisan group of 112 members of Congress in the 114th Congress. The bill was approved by the House Financial Services Committee twice in 2016.Read More
The House Financial Services Committee recently received our biannual update on the state of the economy from Federal Reserve Chair Janet Yellen. This update could not have come at a more important time.
According to U.S. Department of Commerce, our economy grew by only 1.6 percent in 2016. This is the lowest level of growth since 2011. It is clear that the federal monetary policy of the last eight years is failing hardworking Americans and their families.
When Chair Yellen appeared before the Financial Services Committee, I had the opportunity to ask her about the impact that the Federal Reserve's policies have had on community banks. In the past, Chair Yellen has acknowledged that community banks are important to the economic health of the country and they have been adversely impacted by the trickle-down effects of federal regulations. Chair Yellen again acknowledged this fact before the committee during her biannual update.
For all of the efforts Chair Yellen has said the Federal Reserve has made to provide relief to community banks that have been caught in the crosshairs of heavy-handed federal regulations, we haven't seen meaningful results. I continue to hear from community bankers in Colorado that they are deterred from offering services to their communities because the cost of regulatory compliance is too great.
Chair Yellen cited the signing into law of my bill, the Small Bank Exam Cycle Reform Act of 2015, and the Federal Reserve’s implementation of that law as one way they have provided regulatory relief to community banks. We continue to push for a financial regulatory structure that tailors regulations to the risk profile of a particular bank, rather than subject community banks to one-size-fits-all mandates that were never meant to be applied to them in the first place. My bipartisan bill to create this type of structure – the TAILOR Act –passed the House last Congress, and I am confident that we’ll see it signed into law as part of the Financial Services Committee’s larger regulatory reform package this year.
Despite abysmal GDP growth in 2016, there are signs that our economy is poised to turn the corner. A recent survey from the National Federation of Independent Business (NFIB) shows that in the wake of the 2016 presidential election, small business optimism has reached its highest level since 2004. Small businesses are the backbone of our economy, and when innovators and entrepreneurs feel confident about investing in and expanding their businesses, we know that our communities will feel the economic benefits.
In Congress, we’re continuing to do our part to support this trend. The House and Senate have both already passed three congressional resolutions of disapproval that will do away with overly-burdensome midnight regulations from the Obama Administration. The president recently signed the first of these resolutions in to law, and there are an additional 24 that have been introduced for consideration.
I have always firmly believed that when done right, regulations play an important role in keeping our communities safe and secure. But what we saw out of the Obama Administration, especially during its final months, went far beyond safety and security. Since the beginning of the 115th Congress, we have been working to grow the confidence of our job creators. We’re already starting to see these efforts pay off, and I look forward to continuing this work.Read More
Congressman Scott Tipton (CO-03) voted for two bills that will help encourage private sector businesses to hire veterans. The House passed the bills, the HIRE Vets Act (H.R. 244) and BRAVE Act (H.R. 974), on Monday, Feb. 13, 2017.
“In my conversations with veterans and their families, I consistently hear that the transition back to civilian life can be extremely challenging – especially the process of searching for a job. Our veterans answered the call to serve our country, and when they return home it is our duty to serve them. The HIRE Vets Act and BRAVE Act will help us fulfill this commitment,” said Tipton.
The HIRE Vets Act would require the Department of Labor (DOL) to establish a program to annually recognize businesses for their efforts to employ veterans. Under the program, the DOL would make voluntary awards to employers that recruit and employ veterans or provide community and charitable services to support the veteran community.
The BRAVE Act would authorize the Department of Veterans Affairs (VA) to give preference to companies that employ veterans full-time when awarding procurement contracts for goods and services.
Both bills must pass the U.S. Senate.Read More
Congressman Scott Tipton (CO-03) and Majority Whip Steve Scalise (LA-01) have introduced a resolution that will void a midnight rule from the Obama Administration that places undue accounting burdens on U.S. energy producers and a new level of complexity on the mineral valuation process.
H.J.Res. 71 rolls back a regulation out of the Interior Department’s Office of Natural Resources Revenue (ONRR) that changed the way energy producers must report and price mineral resources that are developed on federal land. Under the ONRR mineral valuation regulation, energy producers must overhaul their accounting systems to fulfill several new reporting requirements. The regulation also dictates a one-size-fits-all mandate on pricing, without accounting for the size and unique challenges of each producer. Additionally, the ONRR regulation transformed the valuation process for coal, creating confusion and uncertainty for producers.
Tipton said, “The federal government shouldn’t be picking winners and losers when it comes to U.S. energy production, and this is exactly what the ONRR’s regulation does. By adding more red-tape, complexity, and confusion to the mineral valuation process, the regulation creates uncertainty for businesses, a disincentive for responsible development of our natural resources on federal land, and ultimately hurts hardworking Americans, their families, and their communities the most.”
Scalise said, “In his last days in office, President Obama snuck through a regulation that is nothing but a shadow tax on American energy that will impede energy production across the country, including offshore energy projects important to my home state of Louisiana.
“The legislation I filed today with Congressman Tipton reverses President Obama's regulation, so we can block his energy tax and protect those critical revenue sharing dollars that states like Louisiana will use to restore our coast. If this regulation is not halted, federal revenue from energy production will be reduced, and in Louisiana, it could jeopardize state revenue sharing dollars, hindering our ability to make major investments to restore our coast and protect Louisiana families and businesses from devastating storms.
“This proposal came from the same President who tried unsuccessfully to repeal revenue sharing for Gulf Coast states, and I am committed to reversing this - and any other - regulation that threatens our ability to restore our coast and protect Louisiana families and our way of life. It is important that we pass this legislation quickly and get it onto President Trump’s desk so he can sign it into law.”
The ONRR’s regulation has drawn opposition from producers and industry groups.
Mike McInnes, CEO of Tri-State Generation and Transmission Association, Inc., said, “ONRR’s proposal is at best – complicated and convoluted – and at worst – would raise rates for the member-owners (consumers) of the 43 not-for-profit electric cooperatives and public power districts to which Tri-State sells cost-based electricity in Colorado, Nebraska, New Mexico and Wyoming.”
The National Mining Association said, “The rule alters the valuation of royalties on federal coal leases by discouraging production from federal lands that account for a significant share of total electricity generation, scares away investment, leads to further job losses, increases the price of energy on middle and low-income families and eliminates billions of dollars in state and federal revenue.”
Congressman Scott Tipton (CO-03) joined 70 members of the House of Representatives in asking the White House to prioritize investments that will bring the benefits of broadband connectivity to rural communities in the infrastructure proposal it will send to Congress.
In the letter, Tipton and his colleagues wrote, in part:
“In the 21st Century, high-speed internet access is no longer a luxury amenity, but rather an essential service for homes and businesses in this interconnected world. No other technology has produced as much innovation, competition, and economic growth. Unfortunately, rural Americans in our districts lack sufficient broadband infrastructure to take advantage of this explosion of technology and economic possibility. The digital divide between rural and urban America is significant.”
The full letter is available here.
In January, the House advanced the Small Business Broadband Deployment Act (H.R. 288), a bill that will allow small Internet Service Providers (ISP) to continue focusing their resources on building service networks and improving connectivity for customers in rural areas.
In March of 2016, Tipton a held a Small Business Roundtable event in Durango, Colo., where the issue of high-speed internet was the main topic of discussion among attendees. He has also supported Federal Communications Commission (FCC) reforms that would modernize the Universal Service Fund (USF) and increase rural broadband access.Read More
Congressman Scott Tipton (CO-03) issued the following statement after the House of Representatives passed H.J.Res. 44, a Congressional Resolution of Disapproval that would void the Bureau of Land Management’s (BLM) Planning 2.0 rule:
“Any changes to the way the BLM manages federal land would have sweeping impacts in Colorado and the West, so it was deeply troubling that the BLM disregarded calls from western counties, farm bureaus, and Congress requesting that the Bureau provide an opportunity for meaningful public involvement during the development of its Planning 2.0 rule.
“Further, the final rule would diminish the role that state and local governments, whose communities are most directly impacted, have historically played in the planning process. The rule would also increasingly shift decision-making ability from those local communities and their local BLM officials to unelected bureaucrats in Washington. I was proud to support H.J.Res. 44, because I want to make sure important land management decisions are made by the people who know the land best.”
In May 2016, Tipton was joined by 24 of his House colleagues in calling on the BLM to extend the public comment period on the Bureau’s Planning 2.0 rule. Tipton also asked the BLM to clarify its reason for eliminating consistency requirements with local policies and programs, which would marginalize a large number of western communities that may not have the means to produce and maintain comprehensive land use plans.Read More
Bills introduced by U.S. Reps. Scott Tipton (CO-03) and Jared Polis (CO-02) that will help Colorado communities, protect public lands, and settle a long-standing land dispute have passed the House of Representatives.
On Monday, Feb. 6, 2017, the House passed the Bolts Ditch Access and Use Act (H.R. 689), the Arapaho National Forest Boundary Adjustment Act of 2017 (H.R. 688), and the Elkhorn Ranch and White River National Forest Conveyance Act of 2017 (H.R. 698).
H.R. 689 would allow the town of Minturn to use its existing water right to fill Bolts Lake by giving the town special use of the Bolts Ditch headgate and the segment of the Bolts Ditch within the Holy Cross Wilderness Area. When Congress designated Holy Cross Wilderness Area in 1980, Bolts Ditch was inadvertently left off the list of existing water facilities.
H.R. 688 would expand the Arapaho National Forest, informally known as the “Wedge,” to include ten new parcels of land, which are currently undeveloped. The move enables the U.S. Forest Service to effectively protect and preserve an area where millions of people travel annually.
“Yesterday was a great win for Coloradans,” Polis said. “At a time when it seems that partisanship and divisiveness is at historic levels, it’s heartening to see members of the Colorado delegation work together to protect our public lands and find practical solutions for our communities. We should all be proud of the passage of these bills that will protect our wonderful wilderness and help our local economies.”
H.R. 698 would resolve a costly title dispute between the federal government and private landowners. It would formally convey a small portion of land near Rifle to its property-owners, who have used and paid property taxes on the acreage for years.
“I am proud to work alongside Congressman Polis to protect our public lands and facilitate this bipartisan, non-controversial land conveyance. We’re working to preserve Colorado’s pristine areas and cultural treasures, while ensuring state and individual property and water rights are honored,” Tipton said.
Colorado U.S. Sens. Gardner and Bennet have introduced companion legislation in the Senate for each of the bills.Read More
Last month, the U.S. House Homeland Security Committee updated its Terror Threat Snapshot, which is a monthly assessment of the threat that the Islamic State of Iraq and Syria (ISIS) and other radical terrorist groups pose to the United States and the West. The report shows that in 2016, there were 74 known ISIS-linked plots against the West. In 2014 and 2015 combined, there were 67 known ISIS-linked plot against the West.
The sharp increase in ISIS-linked plots last year is concerning, and now we must be more vigilant than ever in our fight against terrorism.
Last year, Federal Bureau of Investigations (FBI) Director James Comey told the Homeland Security Committee that “a number of people who were of serious concern” were not identified in screening of Iraq War refugees. He continued to say that the U.S. vetting process for refugees has improved since that time, but he could not assure the committee that U.S. officials could verify the identities of Syrian refugees. The former Director of National Intelligence, James Clapper, also said during a security industry conference that he wouldn’t put it past ISIS to infiltrate the refugees fleeing Syria.
On Friday, Jan. 27, 2017, the president issued an executive order that placed a 90-day halt on U.S. entry for any individual traveling from seven countries that were identified by the Obama Administration as being hotbeds for terrorism. The executive order also placed a 120-day halt on the U.S. Refugee Admissions Program.
I support strong security vetting for anyone who wishes to enter the United States, regardless of their faith, so a temporary halt on accepting new immigrants and refugees while we strengthen our screening procedures is a reasonable action. However, I have been concerned about the impact that the president’s executive order has had on individuals who have already been vetted and hold visas or green cards. I have encouraged any Third District resident green card or visa holder who has been adversely impacted by the executive order to contact my office so we can be of assistance.
To further strengthen our national security, this week the House passed 17 bipartisan bills related to border security, transportation security, and cybersecurity defenses. You can view a complete list of these bills on the Homeland Security Committee’s website, www.homeland.house.gov.
America is a compassionate nation that will continue to be built by immigrants, but unfortunately, bad actors try to use our compassion to do harm. Government’s priority must be to keep Americans safe, and I believe that can be done while still maintaining a generous immigration system that ensures those who wish to harm Americans do not slip through the cracks.Read More
Congressman Scott Tipton (CO-03) supported five measures this week that will undo some of the harmful, unnecessary and redundant federal regulations issued by the Obama Administration during its final months.
At a press conference earlier this week, Tipton spoke about the reason for the measures. He said, “I am a firm believer that when done right, regulations play an important role in keeping our communities safe and secure, but what we saw out of the Obama Administration during its final months went far beyond safety and security.”
“All of the resolutions the House passed this week will provide Americans in diverse communities around the country relief from federal overreach. The rules out of the BLM and DOI in particular would have had very harmful impacts in the Third Congressional District,” Tipton added. “It was imperative that we take action to void these rules. They are perfect examples of federal agencies acting outside of their authority to implement one-size-fits-all duplicative and unnecessary mandates on our communities in Colorado.”
The BLM’s rule relating to “Waste Prevention, Production Subject to Royalties, and Resource Conservation,” also known as the methane venting and flaring rule, was met with strong opposition from several members of Congress from Western states.
The authority to regulate air quality under the Clean Air Act rests with the Environmental Protection Agency (EPA) and cooperating state agencies. In May of 2016, the EPA finalized a regulation on methane emissions. The BLM is granted no regulatory authority under the Clean Air Act, which was the basis for the Bureau’s methane rule.
“Methane emissions are already regulated by both the EPA and the Colorado Department of Public Health and Environment, so what we saw out of the BLM was simply redundant and unnecessary,” Tipton said. “Regulations that add an additional and redundant layer of red tape on top of an already overly complex regulatory system are precisely the ones we need to prevent.”
H.J.Res. 38 voids the DOI’s stream buffer rule, which revised over 400 regulations that were already placed on coal mines across the country.
“The DOI conducted its own investigative report, which showed that nearly all coal mines around the country have no off-site impacts, and yet, the department finalized 1,640-pages of mandates that would apply to every coal mine in the country,” Tipton said. “This rule would have little environmental benefit and would only serve to regulate away good-paying jobs and our most reliable energy source in use today.”
All five resolutions of disapproval must be approved by the Senate and signed by the president to have the force of law.Read More
218 Cannon HOB
Washington, DC 20515
Congressman Scott Tipton was raised in Cortez, Colorado. He graduated from Ft. Lewis College in Durango, where he studied Political Science and became the first person in his family to earn a college degree. After college, he returned home to Cortez and co-founded Mesa Verde Indian Pottery with his brother Joe. It was through his business that Scott met his wife, Jean, who is a former school teacher. The Tipton’s have two daughters, Liesl and Elizabeth, and two sons-in-law, Chris and Jace.
After a lifetime running his small business, Scott was elected as a Republican to the Colorado House of Representatives for the 58th District in November of 2008. During his time at the state House, he worked to ensure quality water for the people of Colorado and to improve the air quality of Southwest Colorado. He also sponsored legislation to protect children from the worst criminal offenders by mandating harsher penalties for child sex-offenders and allowing law enforcement to collect DNA evidence from suspects through Jessica’s Law and Katie’s Law.
Scott was first elected to the U.S. House of Representatives in 2010 and again in 2012 for a second term.
In the 112th Congress, Scott pushed hard to advance a federal version of Katie’s Law to encourage additional states to implement minimum DNA collection standards and enhanced collection processes for felons in order to strengthen law enforcement’s ability to prevent violent crimes, and protect women and children. That effort became a reality when the President signed Katie’s Law on January 3, 2013.
Using his positions on the House Natural Resources, Agriculture and Small Business Committees, Scott has is fighting for the issues that most directly impact Coloradans, many of which involve our state’s extensive open spaces and natural resources. In his first term, Scott introduced legislation to encourage healthy forest management and prevent wildfire, as well as passed a bill in the House with bipartisan support to advance the development of clean, renewable hydropower. He is also leading the charge in Congress to stop a federal grab of privately-held water rights, standing up for farmers and ranchers, the ski industry, and all who rely on their water rights to survive.
Scott is champion of advancing an all-of-the-above energy solution that balances common sense conservation with responsible development. He passed the Planning for American Energy Act through the House (as a title under the American Domestic Energy and Jobs Act) to put requirements into place to develop wind, solar, hydropower, geothermal, oil, natural gas, coal, oil shale and minerals, based on the needs of the American people.
Scott has used his experience as a small businessman to inform his work as a Subcommittee Chairman on the Small Business Committee. Here he has worked to protect farmers and ranchers from regulatory overreach, as well as push for expanded trade opportunities for Colorado products. Scott is a co-founder of the Congressional Small Business Caucus, a bipartisan caucus committed to open dialogue on the issues that most impact small businesses. Members of the Congressional Small Business Caucus are dedicated to advancing efforts to foster the economic certainty needed for small businesses and entrepreneurs to succeed and create jobs.
In the 113th Congress, Scott continues to represent the many interests of one of the most diverse and geographically vast districts in the nation. He will fight to bring Colorado common sense to Washington—focusing on reforming regulation, protecting Colorado’s natural environment, encouraging responsible all-of-the-above energy development, reducing government spending, and removing hurdles so that small businesses can do what they do best—create jobs.
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Despite abysmal GDP growth in 2016, there are signs that our economy will turn the corner. Read more in my column: https://t.co/GjoCjdr7oT
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I appreciate this submission to my #CUTtheCODE project from Paula in Rifle: "I'm the commercial insurance biller for a small critical access
Last week I reintroduced my bill to require federal regulators to tailor rules for community banks and credit unions based on their risk profiles
Last week in the House Committee on Financial Services we received our biannual update from Federal Reserve Chair Janet Yellen on the state of
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