In a hearing of the Senate Banking Committee last week, Chairman Richard Shelby laid out his plans to advance regulatory reform legislation for the benefit of community banks and their customers. Shelby said that the Senate was “long overdue” in revisiting certain aspects of Dodd-Frank and mentioned that “there are many on both sides of the aisle that believe improvements can and should be made.” Ranking Member Sherrod Brown echoed Shelby’s sentiment but cautioned against attaching regulatory reform legislation to “must-pass” bills or pairing them with “goodies” for Wall Street.
With Shelby’s comments and Brown’s support, the smart money is on some regulatory reform legislation being introduced in the Senate before the end of February. What will make it into the Senate bill, however, is still anyone’s guess.
As mentioned earlier in the Bottom Line, IBAT is optimistic that a regulatory relief bill incorporating many of the provisions of the ICBA-produced and IBAT-endorsed Plan for Prosperity will move quickly in the first six months of this Congress. For that reason, IBAT members are encouraged to stay tuned in to the legislative process by signing up for legislative text alerts. You can do so by texting “IBAT Alerts” to 40404 from your mobile device. Additionally, please consider participating in IBAT’s 23rd Annual Congressional Visit in late April. This will provide an opportunity for you to meet with lawmakers to directly impact the progress of legislation.