Latta in city; provides legislative update

DAVE MOSIER/independent editor

U.S. Representative Bob Latta was in town on Wednesday to provide an update on the 115th Congressional legislative session.

Latta talked about President Donald Trump, noting that he has accomplished much in just five weeks in office.

“I think if you look at what he has done, especially on the regulatory side, (which) is the number one thing I’ve heard in more than 750 (constituent) meetings,” the congressman said.

Latta noted that U.S. businesses are saddled with $1.9 trillion in regulations, something the congressman is far in excess of what is needed.

“Everybody is pretty much in the same boat,” Latta said. “They just can’t keep up with this stuff.”

The congressman noted that one bank in his district with less than 10 employees will have 12 regulators in the bank next week to make sure it is following banking regulations.

“What they’re trying to do is make the small banks do the same thing as a (large) New York bank,” Latta said, noting that the small community banks didn’t cause the problems that led to the recession back in 2008.

Latta also talked about excess regulations set by the U.S. Environmental Protection Agency, noting that, while everyone wants clean air and water, the EPA often doesn’t do cost-benefit analyses on regulations it sets, while occasionally there is no existing technology to allow people to meet a regulation.

Latta also touched on the budget, noting that Trump’s budget director, former U.S. Representative Mick Mulvaney of South Carolina, delaying efforts to make timely budget cuts.

And budget cuts need to be made, Latta said.

“The budget deficit this past year was $587 billion,” the congressman noted, adding that total will rise to approximately $1.4 trillion over the next 10 years if things remain the same as they are today. Even more important, the interest paid on the deficit, which was $240 billion this year, could be as much as $750 billion — or even $1 trillion — in 10 years, if action isn’t taken to curb spending.

Latta said Republicans are looking at increasing competition in healthcare after eliminating Obamacare, which he thinks would significantly lower rates for Americans, while providing a more stable environment for healthcare insurance providers.

Congressional Republicans are also looking at tax reform, which Latta said is way overdue for simplification.

Instead of the 72,000 pages of tax regulation, Latta said he feels it should be possible for individual taxpayers to have a form no larger than twice the size of a postcard.

He would also like to see cuts in the business tax rate, noting that the U.S. has one of the highest corporate tax rates in the world.