U.S. Senator David Perdue (R-GA), a member of the Senate Banking Committee, joined Republicans and Democrats in passing the most significant rollback of financial regulations since Dodd-Frank was enacted.
The Dodd-Frank regulations were designed to limit widespread risk in the financial system and to solve the problem of large financial institutions that expect government bailouts because they are “too big to fail.” It also created new regulatory oversight and consumer protections by creating the new regulatory agency known as the Consumer Protection Financial Bureau (CPFB).
The Economic Growth, Regulatory Relief and Consumer Protection Act, provides regulatory relief for Georgia’s 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. The bill passed the Banking Committee with a bipartisan vote of 16-7, and can be viewed here.
“This is a huge win for America’s small businesses and will promote economic growth. At a time when it seems Washington cannot agree on much, this was a major bipartisan action in the U.S. Senate to roll back significant Dodd-Frank provisions. This is one step closer to unraveling the current regulatory environment that has hurt Georgia’s community and regional banks for too long. We will continue working with Secretary Mnuchin and the Trump Administration to eliminate even more harmful regulations for consumers and business.” – Sen. David Perdue.