Senator David Perdue, Senators Announce Bipartisan Agreement To Reduce Dodd-Frank Regulations
WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) and members of the Senate Banking Committee have agreed on a proposal to roll back significant portions of the Dodd-Frank Act providing regulatory relief for community banks, credit unions, mid-sized banks, regional banks, and custody banks, none of whom contributed to the financial crisis of 2008. The proposal also improves important consumer protections, particularly for veterans, senior citizens, and victims of fraud.
“This agreement is a huge win for our rural communities, small businesses, and the banks supporting them,” said Senator David Perdue. “This proposal will improve access to capital for small businesses, particularly in rural communities who have struggled with overregulation. In addition to this proposal, there is still work to be done. We will continue working with Secretary Mnuchin and the Trump Administration to eliminate even more regulations for consumers and business.”
“A strong and vibrant economy is important for American consumers, businesses, and the stability of the financial sector,” said Senator Mike Crapo, Chairman of the Senate Banking Committee. “The bipartisan proposals on which we have agreed will significantly improve our financial regulatory framework and foster economic growth by right-sizing regulation, particularly for smaller financial institutions and community banks. I thank all of the senators who have joined with us to move this forward, and look forward to continuing our work to achieve a robust, bipartisan legislative product.”
Last spring, the Senate Banking Committee issued a request for legislative proposals from stakeholders, companies, and consumers aimed at creating economic growth. The committee then held a series of hearings exploring these ideas and has been drafting this proposal since that time. Three key bills introduced by Senator Perdue are included in this agreement: the Reciprocal Deposits Bill, the Portfolio Lending and Mortgage Access Act, and the PROTECT Act, which protects consumers’ credit.
The bipartisan group of members supporting the proposal includes: Banking Committee Chairman Mike Crapo (R-ID), Bob Corker (R-TN), Tim Scott (R-SC), Tom Cotton (R-AR), Mike Rounds (R-SD), Thom Tillis (R-NC), John Kennedy (R-LA), Jerry Moran (R-KS), Joe Donnelly (D-IN), Heidi Heitkamp (D-ND), Jon Tester (D-MT), Mark Warner (D-VA), Tim Kaine (D-VA), Angus King (I-ME), Joe Manchin (D-WV), Claire McCaskill (D-MO), and Gary Peters (D-MI).
Highlights of the agreed-upon package include:
- Improves consumer access to mortgage credit;
- Provides regulatory relief for small financial institutions and protects consumer access to credit;
- Provides specific protections for veterans, consumers and homeowners; and
- Tailors regulations for banks to better reflect their business models.
Legislative text is in the process of being finalized and will be released upon completion. For a section-by-section summary, click here.
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.
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