Regulatory Relief
Almost a decade ago, Democrats' partisan Dodd-Frank Act resulted in more than 400 new regulations and nearly 28,000 new restrictions. That’s more than the cumulative number of restrictions resulting from all other laws passed during the Obama Administration. It was such a massive undertaking that the federal financial regulators have yet to enact some of these rules, 10 years post-crisis.
At a hearing on the proposed merger of BB&T and SunTrust Bank, Ranking Member McHenry remarks on the consequences of Dodd-Frank’s overly burdensome regulations.
Dodd-Frank was sold as the answer to consumer protection and financial stability, but it’s resulted in increased costs for financial institutions, and more headaches and paperwork for Americans as they try to open a bank account, get a mortgage, or save for retirement.
Last year, Congress enacted a bipartisan bill to ensure continued financial stability, enhance consumer protections, and provide regulatory right-sizing. Passage of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, brought the pendulum back toward the center, offering targeted relief to put financial institutions back in the business of serving their customers and the American economy.
Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), has pushed for the swift implementation of this change in public law, notably the Volcker Rule, community bank capital simplification, tailoring for banks with more than $50 billion in assets, and improvement to the Supplemental Leverage Ratio for custody banks, among others.
These four provisions alone have the potential to provide billions of dollars in banking services for institutions and retail customers.
Click on the image above to read the letters Ranking Member McHenry sent to regulators urging the swift implementation of S. 2155.
Read more on Ranking Member McHenry and fellow committee Republicans' efforts to implement S. 2155 principles to right-size overly burdensome regulations and promote greater economic growth:
