Regulatory compliance takes out-sized share of their time and money, business people say

Randy Krehbiel

Stigler banker Christopher Jordan summed up the impact federal regulations have had on his business with a simple example.

“If you were to sit in on our strategic planning meetings, the focus has changed from ‘What do we need to do to make more loans and get more deposits?’ to ‘How are we going to deal with this compliance issue?’” Jordan told 1st District Congressman Kevin Hern and Congressman Andy Kim of New Jersey.

“It’s really hard to pinpoint one (regulation),” Jordan said. “It’s a cumulative effect.”

Jordan was one of four witnesses to testify Monday morning at Oklahoma State University-Tulsa during a field hearing of the House Small Business Committee’s Subcommittee on Economic Growth, Tax and Capital Access.

Kim, a Democrat, is the committee’s chairman, and Hern is the ranking Republican.

Small business is a priority for Hern, who has been involved in several of them over the years. On Monday, he referred to the Small Business Committee as “an oasis” because it tends to work quietly and without the partisan bickering often associated with higher-profile committees.

Click here to read more of this Tulsa World article by Randy Krehbiel.