May 24 2018
WASHINGTON, D.C. – U.S. Senator Richard Shelby (R-Ala.) today praised President Trump’s decision to sign S. 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act,” into law. The bipartisan bill was agreed upon by the Senate earlier this year, followed by the House of Representatives. The legislation reforms the harmful Dodd-Frank law and brings relief to community banks and credit unions throughout the country.
“This thoughtful, bipartisan legislation delivers significant relief for local community financial institutions throughout the nation,” said Senator Shelby. “The passage of this bill corrects hastily prepared regulations that have been enforced since the enactment of the failing Dodd-Frank, removing barriers that have halted the growth of small business for years. I have supported these efforts for nearly a decade, and I look forward to the implementation of this historic reform.
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 many over-burdensome federal regulations.