Senator Bob Corker, a senior member of the Senate Banking Committee, on Tuesday released the following statement after the committee passed legislation to "improve our nation’s financial regulatory framework and promote economic growth."
“Since Dodd-Frank was signed into law in 2010, community banks in Tennessee and across our country have faced an overwhelming and disproportionate regulatory burden,” said Corker.
“These reforms are long overdue and not only will help our community banks better serve hardworking Americans but also will ensure small businesses have access to the credit they need. While more work remains, I believe this bill is an important step in the right direction and am pleased we are close to getting this over the finish line.”
The package, authored by Chairman Mike Crapo (R-Idaho) and cosponsored by Senator Corker, is targeted toward helping community banks, credit unions, mid-sized banks, regional banks and custody banks. It includes important consumer protections, particularly for veterans, senior citizens and victims of fraud.
Republican Co-Sponsors: Mike Crapo (R-Idaho), Bob Corker (R-Tennessee), Tim Scott (R-South Carolina), Tom Cotton (R-Arkansas), Mike Rounds (R-South Dakota), David Perdue (R-Georgia), Thom Tillis (R-North Carolina), John Kennedy (R-Louisiana), Jerry Moran (R-Kansas) and Jim Risch (R-Idaho).
Democrat Co-Sponsors: Joe Donnelly (D-Indiana), Heidi Heitkamp (D-North Dakota), Jon Tester (D-Montana), Mark Warner (D-Virginia), Tim Kaine (D-Virginia), Angus King (I-Maine), Joe Manchin (D-West Virginia), Claire McCaskill (D-Missouri), Gary Peters (D-Michigan) and Michael Bennet (D-Colorado).
Highlights of the legislation 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.
For a section-by-section summary, click here.