CEO DATELINE - Business groups applaud bill easing banking regulations
CEO DATELINE - Business groups applaud bill easing banking regulations
- May 23, 2018 |
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Walt Williams
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Several business groups issued statements Tuesday praising federal lawmakers for passing legislation easing regulations on smaller banks.
The U.S. House of Representatives voted 258-159 to advance a bill that would undo part of the Dodd-Frank Act, which was passed in the wake of the 2008 financial crisis in an attempt to prevent the abuse that contributed to the turmoil. The legislation previously cleared the Senate and now heads to President Donald Trump's desk for his signature, Bloomberg News reported. https://bloom.bg/2LmYCEw
Many business groups have called Dodd-Frank too onerous and Trump said during his campaign he would repeal the law. The legislation passed Tuesday doesn't go that far, but lifts regulations on smaller banks while leaving many rules in place for large financial institutions.
"This is a good, commonsense bill and its passage will help many U.S. banks invest in their communities, workforce and infrastructure," Consumer Banker Association CEO Richard Hunt said.
Anthony Cimino, head of government affairs for Financial Services Roundtable, noted the bill passed with bipartisan support.
"Congress should continue to build on its bipartisan work to optimize economic growth by further tailoring the regulatory system for financial institutions of all sizes," he said.
American Bankers Association CEO Rob Nichols said the vote "marks a turning point in the banking policy debate in this country."
"For the first time in nearly a decade, lawmakers from both parties have chosen to right-size financial rules that were not working as intended and holding the economy back," he said.
Credit unions also weighed in. Credit Union National Association CEO Jim Nussle said credit unions and their members "all deserve a major round of applause for getting this historic bill through Congress and onto the president's desk."
National Association of Federally-Insured Credit Unions CEO Dan Berger said the bill is a step forward, "but there remain a series of initiatives beneficial to our nation's Main Street and small financial institutions that NAFCU will continue to pursue."
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