Banks Supports Bipartisan Bill to Roll Back Dodd-Frank Regulations
Washington,
May 22, 2018
Congressman Jim Banks (IN-03) today released the following statement after voting for the Economic Growth, Regulatory Relief, and Consumer Protection Act:
“The Dodd-Frank Act has burdened the American people under the guise of consumer protection and hurt community banks in Indiana and across the country. This important bill will roll back some of the most damaging of these regulations and enable financial institutions to better serve their customers and communities. This legislation will help Hoosier families and small businesses.” The House passed the bill 258 to 159. It previously passed the Senate and now heads to the president’s desk to be signed into law. Background: The Economic Growth, Regulatory Relief and Consumer Protection Act right-sizes the regulatory system for smaller financial institutions, allowing community banks and credit unions to flourish. Rather than spend time on compliance, these institutions can redirect resources toward what they do best – approving mortgages, providing credit, and lending to small businesses. The bill is supported by over 10,000 community bankers, more than 100 million credit union consumer members and thousands of small business owners and entrepreneurs across the nation. ### |