In a late-Wednesday afternoon vote, the United States Senate voted 67-31 to pass S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. All the Republicans present and 13 Democrats voted to approve the legislation, which will roll back a number of regulations instituted by the Dodd-Frank Act.
The House of Representatives, which already has approved bank regulatory relief legislation, will consider the bill, and if it approves, as expected, the bill will go to President Trump’s desk for his signature. He has indicated he will sign the bill.
“We’re pleased to see the U.S. Senate’s strong, bipartisan vote in favor of financial regulatory reform. This bill is an important step in right-sizing the rules for America’s banks, and it will allow financial institutions to better serve their customers and communities while maintaining safety and soundness,” said Rob Nichols, president and CEO of the American Bankers Association.
“This legislation is the byproduct of years of hearings, input from hundreds of stakeholders and careful negotiations between lawmakers on both sides of the aisle who refused to ignore the serious issues facing financial institutions trying to grow the economy. The cooperation on this bill marks a long overdue and welcome return to the tradition of bipartisan banking policy in Washington. We hope it continues,” Nichols said in a statement issued shortly after the vote.
The Conference of State Bank Supervisors, a trade group representing state bank regulators, also hailed the vote. “CSBS supports S. 2155 because it will allow community banks to better serve their customers and promote local economies. S. 2155 provides needed relief for community banks and includes several provisions that will help state regulators better supervise both banks and non-bank financial institutions,” said John Ryan, CSBS president and CEO. “State regulators are charged with supporting local economic growth throughout their states, and the best way to do that is through a vibrant community banking sector.”
Camden Fine, president of the Independent Community Bankers of America, said: “S. 2155 includes common-sense regulatory relief for our nation’s nearly 5,700 community banks while preserving vital consumer protections and effective regulatory supervision.”
Speaking earlier to bankers attending the ICBA convention in Las Vegas, before the vote, Fine called S. 2155 “the best legislation we’ve seen in a generation.”