The most significant move toward meaningful regulatory burden relief for community banks—the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155)—passed last Wednesday by a resounding bipartisan vote of 67-31.
“Community bankers in Texas and across the nation, and those in the diverse communities we serve, are delighted and enthusiastically grateful to Chairman Crapo and the thoughtful Democratic members of the Senate Banking Committee, including Senators Heitkamp, Donnelly, Tester and Warner, for their remarkable leadership in crafting a consensus bill to ‘right the inadvertent wrongs’ created by Dodd-Frank,” said IBAT President and CEO Chris Williston. “So many other senators played key roles with a special thanks to our own Senator Cornyn for his leadership on this issue, Senator Cruz for his support of community banking and this important bill, and Senator Jerry Moran of Kansas for his steadfast resolve in crafting a bipartisan, community bank-focused regulatory burden relief bill. There were only “aye” votes from the Republican delegation, and we very much appreciate the overwhelming support. Our supporters from the minority party withstood personal attacks and misinformation from others in their party and stood strong to do the right thing. We tip our hat to you and appreciate your efforts to bring some common sense to a process frequently devoid of that quality.”
Williston added that “The House of Representatives has passed numerous bills that make up the bulk of S. 2155. We extend our sincere thanks to Chairman Hensarling, the members of the Financial Services Committee, and those members who supported these important community bank relief initiatives.”
As this legislation moves to the House of Representatives, IBAT’s position continues to be getting this bill to the President’s desk on an expedited basis. “This important legislation is critical and long overdue,” Williston added. “IBAT and community bankers across the nation have been working on these issues and begging for help for the past eight years. It’s beyond time to get this important reform enacted for community banking, and we urge prompt and priority movement through the House of Representatives.”
Stay tuned for specific action alerts as this bill is considered by the House.