Mar 14, 2018

Freedom Partners Applauds Senate Approval of Dodd-Frank Relief Legislation

Post by Freedom Partners

Arlington, VA – The U.S. Senate today voted to approve the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), bipartisan legislation that would provide much-needed relief from many counterproductive financial regulatory burdens that face small community and regional banks, and ultimately American consumers.

Since the passage of Dodd-Frank, community banks continue to be the hardest hit: more than 27,000 new financial regulations having been implemented since 2010; and between 2008 and 2015, nearly 2,000 local community banks have closed or merged with larger banks.

Freedom Partners Chamber of Commerce executive vice president Nathan Nascimento issued the following statement:

“We applaud Chairman Crapo, Senate leaders and members from both parties for protecting consumers and putting communities first. Since Dodd-Frank became law, many harmful financial regulatory burdens have been needlessly imposed on American financial institutions, forcing small, community lenders to pay high compliance costs and limit services to their customers as a result. This important reform legislation is a much-needed step in the right direction toward relief from the many financial regulatory burdens that impede opportunity and lasting prosperity for millions of Americans.”

Earlier this month, Freedom Partners sent a letter to Senate Committee on Banking, Housing, and Urban Affairs Committee chairman Mike Crapo (R-ID) expressing support for the Economic Growth, Regulatory Relief and Consumer Protection Act and continued partnership in achieving lasting relief from regulatory overreach.