May 22, 2018

Freedom Partners Applauds House Decision To Roll Back Dodd-Frank Restrictions

Post by Freedom Partners

Arlington, VA – Today, the U.S. House of Representatives voted in favor of the Regulatory Relief and Consumer Protection Act (S. 2155), a bill that will ease constraints on regional and community banks put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (H.R. 4173). The bipartisan bill crafted by Senate Banking Committee Chairman Mike Crapo (R-ID) frees smaller lenders from some of the most cumbersome requirements of the Dodd-Frank Act.

The legislation marks the most significant rewrite of financial laws since the Dodd-Frank reform act originally passed. The bill now heads to the desk of President Donald Trump who is expected sign it.

Freedom Partners Executive Vice President Nathan Nascimento issued the following statement:

“Today’s House vote is not only a relief for the community and regional banks who struggled under the stringent requirements of Dodd-Frank, but for ordinary Americans who are simply looking to start a business or own a home. Dodd-Frank created more problems than it solved by putting in place crushing restrictions that failed to take into account the real costs for consumers and Main Street banking institutions.

“Credit goes to Chairman Mike Crapo, House leadership and House Financial Services Chairman Jeb Hensarling, and the members who voted to advance this crucial reform. We now call on Congress to support the additional reforms still on the table that eliminate the senseless barriers created by Dodd-Frank.”

Background:

The 2,300-page Dodd-Frank law was estimated to require 243 new rules by 11 different federal agencies. It created 13 new regulatory agencies and offices and eliminated only one.

S. 2155 would raise from $50 billion to $250 billion the asset threshold for banks to be designated as systemically important financial institutions, a status that subjects them to stricter Federal Reserve supervision.

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FREEDOM PARTNERS, HEADQUARTERED IN ARLINGTON, VIRGINIA IS A NONPROFIT, NONPARTISAN, 501(C)(6) CHAMBER OF COMMERCE THAT PROMOTES THE BENEFITS OF FREE MARKETS AND A FREE SOCIETY.