On Tuesday, the House passed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act with a bipartisan vote of 258-159. 33 Democrats joined Republicans in rolling back parts of Dodd-Frank that have burdened community banks, regional banks and credit unions since it was signed into law eight years ago. President Trump will sign the bill into law, marking a milestone in reforming the nation’s financial laws.
In typical Washington fashion, Congress reacted to the financial crisis with sweeping laws and regulation that spanned the financial sector, that touched large and small financial firms. Many of these smaller players played no role in the 2007 – 2009 crisis yet had new rules that regulated them as if they had. Dodd-Frank’s new regulations increased compliance costs for banks and credit unions which resulted in many of them no longer offering free bank accounts and cut access to small business loans and home mortgages.
ATR has been supportive of S. 2155 and has championed the legislation that will jump start consumers access to affordable financial services. In a letter of support for the legislation, ATR’s President Grover Norquist called this a step in the right direction.
It is also important to mention House Financial Services Committee Chairman Jeb Hensarling, who has spent much of his term as chairman of the committee working to reform Dodd-Frank. Chairman Hensarling has championed legislation that removes Washington bureaucrats from standing in between consumers financial choices. Senate Banking Chairman Mike Crapo (R-Idaho) also deserves applause for bringing together both Democrats and Republicans to pass legislation benefitting all constituents across the US. Chairman Crapo played an integral role in passing S. 2155 in the Senate this past March with a vote of 67-31.
ATR is pleased to see this legislation become law as President Trump is expected to sign S. 2155 before Memorial Day weekend. President Trump made Dodd-Frank reform a principal of his campaign and reaffirmed his pledge when he said, “we’re doing a real number on it.” This is a step in the right direction toward rolling back this burdensome regulatory law and ATR looks forward to continuing to support pro-growth legislation that reforms Dodd-Frank.