Crapo: Compromise Speeds Banking Reform
Unanimous Committee approval benefits financial industry & consumers
Washington, DC â?? Months of negotiation and effort paid off this morning for Idaho Senator Mike Crapo as the Senate Banking Committee unanimously approved legislation he authored regarding regulatory relief for the financial services industry. Crapo, who is a member of the Banking Committee, has spent month working on regulatory reform, an issue that has plagued the financial services industry for many years. The Financial Service Regulatory Relief Act of 2006 will now be referred to the full Senate for further action. The U.S. House of Representatives passed regulatory reform legislation last year.In his opening statement at the mark-up this morning, Crapo said, â??After many months of negotiations and discussion with regulators, industry, consumer groups, and other interested parties, we now have a bill before us that will provide important regulatory relief for financial institutions. This legislation is a compromise for all sides and doesnâ??t let the â??perfectâ?? stand in the way of what is possible. There are issues on both sides of the aisle that Members have foregone in an effort to support our desire to get a bill signed into law this year. It is my hope that we will be able to continue in this bi-partisan manner on the floor and avoid amendments that will delay passage.â??Idahoâ??s financial services industry applauded Crapoâ??s work on this issue. Over the last two years, Crapo has painstakingly gathered information from regulators, industry groups and consumer groups regarding current regulations affecting the financial services industry. Many were concerned with outdated regulations and the inability to recognize technology advances.Gavin Gee, Director of the Idaho Department of Finance, who testified in support of regulatory relief legislation at a March hearing before the Senate Banking Committee, chaired by Senator Crapo, stated: â??Senator Crapoâ??s outstanding leadership on financial services regulatory relief in the U.S. Senate has produced much needed legislation, which we fully support, that will benefit Idaho and all financial institutions and their customers. We thank Senator Crapo for his significant work and primary leadership role in this effort and urge Congress to act quickly on this very important legislation.â??Idaho Credit Union League President/CEO Alan D. Cameron said, â??I commend Senator Crapo for taking on the challenge of providing regulatory relief to credit unions and others in the financial services industry and for crafting a bill that presents a fair compromise in a nonpartisan manner. This bill will help credit unions in their continuing effort to reach out to and serve people in their communities who may not now have ready access to mainstream financial services.Idaho Bankers Association President/CEO Dawn Justice said, â??The Idaho Bankers Association owes Senator Crapo a great debt of gratitude for his tireless work on the Regulatory Relief bill. It was a contentious issue with many competing interests and the Senator, in his usual way, was successful in negotiating some of the toughest compromises. The bill is a great step in the right direction for the banking industry, as it attempts to eliminate out-dated, needless regulation. The burden of new regulation is immense, so it was extremely important that an effort be made to remove some of the regulation that no longer served a purpose.â??