May 21, 2018
Freedom Partners Encourages House to Pass Dodd-Frank Reform Bill Tomorrow
Post by Freedom Partners
Arlington, VA – Tomorrow, the U.S. House of Representatives is expected to vote on the Regulatory Relief and Consumer Protection Act (S. 2155), a bill that would 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.
Freedom Partners Executive Vice President Nathan Nascimento issued the following statement:
“Dodd-Frank was a sweeping government overhaul of a single industry that failed to take into account real-life consequences for consumers. Americans were told this law would protect taxpayers, but it has greatly burdened small banks at their expense.
“We applaud Chairman Crapo and the House members who supported this transformative legislation. We will continue working with Congress to remove roadblocks to the financial industry that place undue costs on ordinary Americans. Specifically, we encourage the Senate to pursue additional reforms to eliminate the barriers created by Dodd Frank.”
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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