Little Rock, Ark. [February 22, 2017] — The American economy is growing too slowly because regulations designed for international financial institutions have been imposed on smaller banks that pose no grave threat, explained U.S. Rep. French Hill and Tom Quaadman, executive vice president of the U.S. Chamber Center for Capital Markets Competitiveness to a group of Arkansas bankers and business leaders at a roundtable event held at the Little Rock Regional Chamber on Tuesday.
Rep. Hill and Quaadman discussed several solutions that would encourage banks to lend to small and growing companies. According to Hill, the banking industry has $2 trillion in excess reserves, compared to $1.7 billion before the recession, but it's not being spent on the capital formation or business activity.
Rep. Hill also lauded FIS’s investment in the VC FinTech Accelerator, a rigorous 12-week program developed by The Venture Center which is designed to accelerate 10 startups poised to challenge the status quo in the financial services sector.
Rep. Hill said that he is encouraged by this type of programming and feels that the financial support of such will bring new companies and new technologies to Arkansas.
“I think that’s exactly what they [the banks] should be doing,” said Rep. Hill.
For more information on the roundtable, read the write-up from Arkansas Business.