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House Passes Most Significant Pro-Growth Financial Regulatory Reform in Generation

Washington, May 22 -

Today, the House of Representatives voted 258-159 to pass the “Economic Growth, Regulatory Relief and Consumer Protection Act,” which represents the most significant pro-growth financial regulatory reform package since the passage of Gramm-Leach-Bliley nearly a generation ago.

“For far too long, far too many people in our country have struggled to make ends meet. They’ve struggled to buy a car; they’ve struggled to buy a home; they've struggled for their version of the American Dream. Why is this happening? Because Main Street banks and credit unions that Americans depend on have been stifled by the weight, load, volume, complexity and cost of heavy Washington bureaucratic red tape which has prevented them from serving their communities. But today, that changes,” said House Financial Services Committee Chairman Jeb Hensarling.

“Although we didn't have a formal conference with the Senate, I look forward to continuing to work with colleagues on both sides of the aisle and in both chambers to build on the progress we achieved here today with an additional package of bipartisan pro-growth capital formation provisions that the House and Senate will vote on soon,” concluded Hensarling.

Approximately half of the bill – including ¾ of the regulatory relief provisions and nearly 90% of the capital formation provisions – originated in the House of Representatives. Indeed, the leadership of the House is being hailed as instrumental in achieving this historic bipartisan achievement.

Gramm-Leach-Bliley co-author Senator Phil Gramm said, “The oppressive regulatory burden of the Obama-era forced community financial institutions to spend capital on compliance officers instead of loan officers and the economy suffered. Thanks in large part to Chairman Jeb Hensarling, that is about to change. The passage of S.2155 represents the most significant pro-growth financial legislation since the Congress adopted the Gramm-Leach-Bliley Act in 1999.  The bill is a major step toward allowing the banking system to serve the needs of American business and American families instead of the political designs of the government.  If the Senate will now adopt the additional regulatory relief provisions that the House has adopted overwhelmingly, Congress will have taken a vital step toward bringing back the 3% growth rate that, prior to the Obama era, had been part of America’s birthright.”

Text from a number of House-originated provisions is included in S. 2155:

• H.R. 2226, the “Portfolio Lending and Mortgage Access Act,” sponsored by Representative Andy Barr (R-KY).
• H.R. 2255, the “Housing Opportunities Made Easier (HOME) Act,” sponsored by Representative David Trott (R-MI).
• H.R. 2954, the “Home Mortgage Disclosure Adjustment Act,” sponsored by Representative Tom Emmer (R-MN).
• H.R. 389, the “Credit Union Residential Loan Parity Act,” sponsored by Representative Ed Royce (R-CA).
• H.R. 2948, the “S.A.F.E. Mortgage Licensing Act,” sponsored by Representative Steve Stivers (R-OH).
• H.R. 1699, the “Preserving Access to Manufactured Housing Act of 2017,” sponsored by Representative Andy Barr (R-KY).
• H.R. 3971, the “Community Institution Mortgage Relief Act of 2017,” sponsored by Representative Claudia Tenney (R-NY).
• H.R. 2403, the “Keeping Capital for Local Underserved Communities Act of 2017,” sponsored by Representative Gwen Moore (D-WI).
• H.R. 3093, the “Investor Clarity and Bank Parity Act,” sponsored by Representative Michael Capuano (D-MA).
• H.R. 4725, the “Community Bank Reporting Relief Act,” sponsored by Representative Randy Hultgren (R-IL).
• H.R. 1426, the “Federal Savings Association Charter Flexibility Act of 2017,” sponsored by Representative Keith Rothfus (R-PA).
• H.R. 4771, the “Small Bank Holding Company Relief Act of 2018,” sponsored by Representative Mia Love (R-UT).
• H.R. 5076, the “Small Bank Exam Cycle Improvement Act of 2018,” sponsored by Representative Claudia Tenney (R-NY).
• H.R. 1457, the “MOBILE Act of 2017,” sponsored by Representative Scott Tipton (R-CO).
• H.R. 2148, the “Clarifying Commercial Real Estate Loans Act,” sponsored by Representative Robert Pittenger (R-NC).
• H.R. 2683, the “Protecting Veterans Credit Act of 2017,” sponsored by Representative John Delaney (D-MD).
• H.R. 3758, the “Senior Safe Act of 2017,” sponsored by Representative Kyrsten Sinema (D-AZ).
• H.R. 4258, the “Family Self Sufficiency Act,” sponsored by Representative Sean Duffy (R-WI).
• H.R. 898, the “Credit Score Competition Act of 2017,” sponsored by Representative Ed Royce (R-CA).
• H.R. 2121, the “Pension, Endowment, and Mutual Fund Access to Banking Act,” sponsored by Representative Keith Rothfus (R-PA).
• H.R. 1624, the “Municipal Finance Support Act of 2017,” sponsored by Representative Luke Messer (R-IN).
• H.R. 4546, the “National Securities Exchange Regulatory Parity Act,” sponsored by Representative Ed Royce (R-CA).
• H.R. 1312, the “Small Business Capital Formation Enhancement Act,” sponsored by Representative Bruce Poliquin (R-ME).
• H.R. 1219, the “Supporting America’s Innovators Act of 2017,” sponsored by Representative Patrick McHenry (R-NC).
• H.R. 1257, the “Securities and Exchange Commission Overpayment Credit Act,” sponsored by Representative Gregory Meeks (D-NY).
• H.R. 1366, the “U.S. Territories Investor Protection Act of 2017,” sponsored by Representative Nydia Velazquez (D-NY).
• H.R. 1343, the “Encouraging Employee Ownership Act of 2017,” sponsored by Representative Randy Hultgren (R-IL).
• H.R. 2864, the “Improving Access to Capital Act,” sponsored by Representative Kyrsten Sinema (D-AZ).
• H.R. 4279, the “Expanding Investment Opportunities Act,” sponsored by Representative Trey Hollingsworth (R-IN).
• H.R. 3221, the “Securing Access to Affordable Mortgages Act,” sponsored by Representative David Kustoff (R-TN).
• H.R. 4790, the “Volcker Rule Regulatory Harmonization Act,” sponsored by Representative French Hill (R-AR).
• H.R. 4028, the “PROTECT Act of 2017,” sponsored by Representative Patrick McHenry (R-NC).
• H.R. 385, a bill to amend the Expedited Funds Availability Act to clarify the application of that Act to American Samoa and the Northern Mariana Islands, sponsored by Representative Aumua Amata Coleman Radewagen (R-AS).