WASHINGTON, D.C. – U.S. Senator Richard Shelby (R-Ala.) today voted in support of S. 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act,” which reforms Dodd-Frank and brings relief to community banks and credit unions throughout the country. The bill, which was introduced by Senate Banking Committee Chairman Mike Crapo (R-Idaho), was passed by a vote of 67 to 31. Senator Shelby spoke on the Senate floor about his support for the legislation prior to the vote. The measure will now move to the House of Representatives for consideration and, if agreed to, will move to the President’s desk for his signature.
“This legislation is the product of a thoughtful, bipartisan effort to correct and right-size hastily prepared regulations that have been enforced since the enactment of Dodd-Frank,” said Senator Shelby. “Passage of this bill helps to ensure common-sense regulatory relief to community banks and credit unions, unlocking the chains of stagnation that have halted the growth of small businesses across our nation. I have proudly supported these efforts for nearly a decade and am encouraged that we are making progress to help Main Street.”
The legislation offers much-needed reforms to allow financial regulators to focus on the financial institutions that pose the greatest systemic risk to the economy. It reduces unnecessary burdens on small, medium-sized, and regional banks and credit unions, allowing them to use more of their capital to serve customers rather than to comply with federal regulations.