Last night, the Senate voted 67-31 to pass Chairman Mike Crapo’s (R-Idaho) Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) to reform the regulatory environment created under Dodd-Frank that has hindered small business’s access to capital and consumers access to mortgage products while exempting community banks and credit unions from overregulation.

Dodd-Frank was a signed into law by former President Obama to “rein in Wall Street” after the 2007-08 financial crisis. However, as typical of sweeping regulatory legislation, Dodd-Frank ended up benefiting large banks and only served to hurt community banks, credit unions, and the consumers in general.

In a letter of support written by ATR’s President, Grover Norquist wrote: 

S. 2155 provides much needed relief to community and regional financial institutions while jumpstarting small businesses and hopeful homeowners access to capital. While there is still more work to be done, it is a positive step in the right direction, and we are encouraged by the Senate to continue to work and reform Dodd-Frank.

Chairman Crapo’s legislation demonstrates his thoughtful approach to reforming financial regulation while promoting economic growth; a goal that started early in 2017 with his committee soliciting reform proposals from industry and outside organizations. ATR has been supportive of S. 2155 and sees this as a strong step in the right direction toward removing barriers to capital for consumers and small businesses.