June 21, 2005

CRAPO SETS JULY 1ST DEADLINE FOR REGULATORY RELIEF

Todayâ??s hearing explored dozens of reform proposals

Washington, DC â?? Idaho Senator Mike Crapo has given federal banking regulators until July 1st to voice any safety and soundness objections to a comprehensive list of banking reform proposals that he has collected. Crapo is working to draft legislation that would reduce the regulatory burden on banks, credit unions and other financial institutions. At the request of Senate Banking Chairman Richard Shelby, Crapo chaired a hearing which explored a number of the reform proposals and included witnesses from the Federal Deposit Insurance Corporation and the Federal Reserve System as well as industry and consumer groups.â??It is important for Congress to periodically review the laws applicable to the financial services industry to ensure that compliance and red tape does not impose an unreasonable and unproductive burden on the economy and truly achieves its important goals,â?? Crapo said in opening todayâ??s hearing. â??The specific recommendations of the witnesses today will be of great use to me and other members of the Senate Banking Committee as we create legislation to address the important issues of financial services regulatory reform. As we proceed, we need to make sure that we enact enough meaningful reforms so that the cost of change isnâ??t a burden in and of itself.â??Crapo plans to introduce legislation within the next month or two. He has spent the last nine months, collecting information regarding specific reform proposals.