Banking Committee Advances the "Economic Growth, Regulatory Relief and Consumer Protection Act.”
Bill will cut red tape for Main Street financial institutions
WASHINGTON – Today, the Senate Banking Committee, led by Chairman Mike Crapo, advanced the bipartisan “Economic Growth, Regulatory Relief and Consumer Protection Act,” S. 2155, with 16 committee members supporting the measure.
The bill will modernize regulations in a way that makes sense for small financial institutions, benefiting consumers and encouraging economic growth. S. 2155 primarily benefits credit unions, community banks, midsize banks, smaller regional banks and custody banks. It also includes important, significant consumer protections for veterans, senior citizens, victims of fraud and people who fall on tough financial times.
“The Economic Growth, Regulatory Relief and Consumer Protection Act is the product of a thorough, robust process, and honest, bipartisan negotiations,” said Chairman Crapo. “The reforms in this bipartisan bill help tailor the current regulatory landscape, while ensuring safety and soundness and relieving the burden on American businesses that are unfairly being treated like the largest companies in our economy. This bill holds real promise for Main Street banks, businesses and families.”
“Introduced by 10 Republicans and 10 Democrats, including 13 members of this committee, this package of commonsense reforms recognizes that it is important to tailor regulation appropriately, especially for community banks, credit unions and regional banks. The bill has received widespread support from commentators, regulators, businesses, and institutions representing millions of hard working Americans and consumers, including over 10,000 community bankers, more than 100 million credit union consumer members, and thousands of small business owners and entrepreneurs, among others.”
[Click photo for opening remarks]
During the markup, a Manager’s Amendment was adopted. The Manager’s Amendment, which can be accessed here, includes eight agreed-upon amendments which propose additional technical changes to the bill, as well as further credit bureau reforms, NCUA transparency measures, and additional consumer protections.
Republican Co-Sponsors: Mike Crapo (R-Idaho), Bob Corker (R-Tennessee), Tim Scott (R-South Carolina), Tom Cotton (R-Arkansas), Mike Rounds (R-South Dakota), David Perdue (R-Georgia), Thom Tillis (R-North Carolina), John Kennedy (R-Louisiana), Jerry Moran (R-Kansas) and Jim Risch (R-Idaho).
Democrat Co-Sponsors: Joe Donnelly (D-Indiana), Heidi Heitkamp (D-North Dakota), Jon Tester (D-Montana), Mark Warner (D-Virginia), Tim Kaine (D-Virginia), Angus King (I-Maine), Joe Manchin (D-West Virginia), Claire McCaskill (D-Missouri), Gary Peters (D-Michigan) and Michael Bennet (D-Colorado).
An updated section-by-section can be accessed here.
The bill now heads to the Senate Floor for consideration.
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