The greatest way to grow our economy and reduce poverty is through free market capitalism. I made my living expanding free markets.
A Finance Pro Wants to Represent District 3 in Congress
Perry Parker is a successful international businessman running in the Republican primary for the 3rd District Congressional seat in Mississippi. Republican Gregg Harper, who currently holds the seat won’t be standing for re-election. Perry would be against a field of four other Republicans fighting for the prestigious seat.
Parker was born and raised in Mississippi with family roots in Covington County, and in District 3. He started off trading grains, cattle, and agricultural produce. He holds an MBA in finance from the University of Chicago, a B.S. in Finance from the University of Southern Mississippi, and an A.B.A. from Pearl River Junior College. With a background in finance, he got a job trading agricultural commodities for Goldman Sachs Group. In 1994, with a capital of around $5,000 and a partnership with local business associates, Parker started FIRST, A National Banking Association headquartered in Hattiesburg, which employs around 500 people with $2.4 billion in assets today.
In 1996, he joined Deutsche Bank as the global head of spot FX trading. He has also achieved success in investing in cattle grazing, cattle feeding, row-crop farming, and other small businesses in Mississippi, California, and the American Southwest.
Parker always aspired to leave a positive impact on the business environment in Mississippi. He aims to enhance education, support a strong military, and apply free market solutions. He wants to work on strengthening the free markets and reduce regulation. Parker is now looking further to serve the great state of Mississippi.
“I want to put my experience in agri-business and finance to work,” he said.
Views On Regulation
Parker believes government has a tendency to over regulate. Currently, banks have been at the end of the barrel with over regulation stifling their ability to lend to small businesses and consumers. He trusts the free market and wants the invisible hand of the market to decide what works for the economy. He wants government to get out of the way and let consumer choose for themselves.
He believes Congress has been overzealous and the Consumer Financial Protection Bureau (CFPB) has overreached itself by adding heavy compliance burdens on small commercial banks and new age alternative lenders. It is important to regulate the too-big-to-fail banks, but the CFPB needs to ensure that small banks and alt lenders are not driven out of the market because of its unnecessary rule making. He is not sure if the CFPB is even needed and wants to conduct a cost benefit analysis to examine if it actually adds value to the financial ecosystem.
Focusing On Alternative Lending
Parker has himself been involved P2P lending through Lending Club and has been happy with his returns. He wants to encourage alt lending as he feels it is the future of lending. Alternative lending provides benefits to both parties, the lender and the borrower, over traditional consumer lending. With an easy application process, better interest rates, the speed of funding, higher returns, he believes it is a win-win for the stakeholders in the p2p ecosystem.
Parker favors alt lending and its lower rates versus high interest credit card and payday lending. But he is sad to see that institutional investors have started dominating the P2P space. Though he sees the value that institutional investors bring, he is nostalgic for the original peer-to-peer individual-led model.
He also wants to reduce regulation for the sector so that alt lending can grow unconstrained. He wants to remove stipulations that dictate how much alternative lenders can charge or when/how they can advertise. He believes it is good that the sector is aggressively advertising. Only then will people know the benefits of online lending.
“Americans elected a businessman and political outsider to be our president in 2016. With less political correctness and more bold ideas, our country is moving in a new direction that’s good for America and for Mississippi. But there’s a lot of work left to do,” Parker said in a news release.
He sees a new administration and business climate. The animal spirits long held back by the previous government has been unleashed under Trump and consumer confidence is slowly but steadily increasing. He wants to leverage his international experience in agriculture and finance to usher in a new era of prosperity for Mississippi and the US.
He also reiterated that this election would not only benefit the citizens of Mississippi’s 3rd district but all of the US. His deep domain expertise will help him evaluate proposals on regulations and make sure they do not restrain innovation. He wants to focus on empowering a free market unencumbered with unnecessary regulation, all huge positives for the alternative lending industry.
Parker sums up, “When elected, on my first day in office, I’ll call our president to let him know that he has a uniquely experienced ally in the 3rd District of Mississippi in shrinking the size of government, implementing market-based reforms, and freeing Mississippi businesses to innovate, grow, and prosper.”
Written by Heena Dhir.