WASHINGTON (May 22, 2018) — The R Street Institute applauds the U.S. House for today’s passage of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. The legislation, passed by a 258-159 margin, now moves to the White House for President Donald Trump’s signature.
“This bipartisan legislation acknowledges what few now dispute, that there were areas in which the Dodd-Frank Act of 2010 went too far,” R Street Director of Finance, Insurance Trade Policy R.J. Lehmann said. “While there remains a need for further regulatory relief, Congress should be applauded for making it easier for millions of consumers and small businesses to get access to credit, without compromising sound prudential regulation.”
Among its provisions, S. 2155 would ease regulatory burdens on community banks and credit unions with less than $10 billion in assets. Those with strong capitalization also would be able to opt for a simple leverage test instead of onerous international capital rules.