Highlights positive effects of historic regulatory relief
WASHINGTON – A new report on the economic effects of federal deregulation issued by the White House Council of Economic Advisers (CEA) cites Banking Committee Chairman Mike Crapo’s (R-Idaho) Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as a key driver of economic growth.
The CEA report says that the Economic Growth, Regulatory Relief and Consumer Protection Act “is expected to reduce regulatory burdens and help to expand the credit made available to small businesses that are the lifeblood of local communities across the nation,” further estimating that “. . . the Crapo Bill has annual net benefits of almost $5 billion and raises real annual incomes by about $6 billion by removing regulatory burdens from small bank lenders.”
“As Chairman of the Banking Committee, my priority has been to find agreement on commonsense reforms, particularly those targeted at improving economic growth,” said Crapo. “This bill provides relief from onerous regulations to banks and credit unions in Idaho and across the country, allowing them to redirect resources to what they do best – approving mortgages, providing credit, and lending to small businesses and families in their communities.”
Crapo’s bill, signed into law in May 2018, provides meaningful relief to the community banks and credit unions that have been crushed under undue regulation for the past decade. It right-sizes the regulatory system for smaller financial institutions, allowing them to succeed and invest further in local economies. It also increases important consumer protections for veterans, senior citizens, victims of fraud, and those who fall on tough financial times.
To learn more about the Economic Growth, Regulatory Relief and Consumer Protection Act, click here.