Patrick McHenryChairman

Washington, October 31, 2018 - House Financial Services Committee Chairman Jeb Hensarling (R-TX) released the following statement after the Federal Reserve proposed changes to the enhanced prudential standards for some of the regional and larger banks in the U.S. in response to requirements in the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155).

“As has been said many times before, the Dodd-Frank Act hurt economic growth for years by creating a burdensome and patchwork regulatory regime that saddled financial institutions with compliance obligations that did not match the risk these institutions pose to the financial system. That is why the House, working with the Senate, authored the bulk of the regulatory relief provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act that President Trump signed into law. Based on that law, the Federal Reserve today released a proposal on changes to its enhanced prudential supervision framework that provides much needed clarity as banks continue to struggle with overlapping and duplicative regulatory requirements. I wish the proposal went further, but it represents a much-need tailored approach to regulatory supervision.”