Senator David Perdue’s Efforts Lead To Dodd-Frank Rollback
“This regulatory relief is long overdue”
WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA), a member of the Senate Banking Committee, praises the most significant bipartisan rollback of financial regulations since Dodd-Frank was enacted:
“This regulatory relief is long overdue. Community and regional banks have been hammered by one-size-fits-all government regulations enacted by Dodd-Frank for nearly eight years. As a result, two trillion dollars are sitting on the sidelines, not at work in our economy today. This regulatory rollback, combined with all the regulatory rollbacks of last year, the historic tax cuts, and President Trump’s actions on energy, will continue to revive our economy. This will make a lot more capital available to all of our job creators on Main Street.”
Senator Perdue worked to secure the following provisions in the final bill to remove burdensome regulations on regional and community banks:
- Increase Access To Mortgages- The bill exempts community banks and credit unions that keep mortgages on their own books from the CFPB’s qualified mortgage rule. Today, many small banks and credit unions lack the staff and budget to comply with the thousand page, one-size-fits-all CFPB qualified mortgage rule and portfolio lending will help restart mortgage lending in small town America.
- Separate Regional Banks from Hundred Billion Dollar Banks- The current asset threshold for the designation of a systemically important financial institutions (SiFi) is so low it encompasses regional banks, subjecting them to the same regulations and reporting requirements as the largest banks in the world. The bill raises SiFi threshold from $50B to $250B and enhances regulators powers to oversee banks with assets that fall between $250B and $100B.
- Improve Consumer Credit Protections- Creates a new national standard for credit protections so all consumers, regardless of where they live, have the ability to freeze their credit easily. In addition, veterans and elderly will have increased access to more credit monitoring resources.
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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