05.22.18

Congress Approves Major Dodd-Frank Rollback, Sending Plan To President’s Desk

Three key provisions in rollback secured by Senator Perdue

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA), a member of the Senate Banking Committee, praises this significant rollback of Dodd-Frank Act regulations, which will free up capital not at work in our economy today. The rollback plan now heads to President Trump’s desk to become law. 

“This regulatory relief is a long overdue win for small businesses in Georgia and across America,” said Senator Perdue. “For the past eight years, community and regional banks – that had nothing to do with the 2008-2009 financial crisis – have suffocated under Dodd-Frank’s onerous, one-size-fits-all regulations. After a decade of stagnant growth, as much as $2 trillion will be freed up on the balance sheets of American banks. Local businesses and homeowners will have greater access to capital because of this bill. This major bipartisan action will continue President Trump’s historic regulatory rollback and build on his effective economic agenda.”

Prior to passing the House of Representatives 258-159, the rollback plan passed the Senate on March 14, 2018 with a bipartisan vote of 67-31. This bipartisan action provides major regulatory relief for Georgia’s community banks, credit unions, mid-sized banks, and regional banks.

Senator Perdue worked to secure the following provisions:

  • Increased Access To Mortgages: Exempts community banks and credit unions that keep mortgages on their own books from the CFPB’s qualified mortgage rule, which will help restart mortgage lending in small town America. 
  • New Threshold For Regional Banks: Raises the systemically important financial institutions (SIFI) threshold from $50 billion to $250 billion so regional banks are no longer subjected to the same regulations and reporting requirements as the largest banks in the world.
  • Improved Consumer Credit Protections: Increases access to credit monitoring services for veterans and elderly, and streamlines credit protection standards so consumers have the ability to freeze their credit easily.

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Senator Perdue is the only Fortune 500 CEO in Congress and is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.