05.22.18

Crapo Bill Heads to White House for Signature

‘Today’s House passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which the Senate passed earlier this year, represents a major victory for America’s local lenders and the communities they support.’

WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) released the following statement regarding House passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act which was passed by the Senate earlier this year:

“Today’s House passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which the Senate passed earlier this year, represents a major victory for America’s local lenders and the communities they support.

“For nearly eight years, the Obama-era Dodd-Frank rules designed for Wall Street have made life needlessly difficult for lenders on Main Street. Small banks and credit unions have struggled to comply with one-size-fits-all regulations. And it has been the local businesses and family farms who rely on these institutions for access to credit who have paid the price.

“Thanks to the leadership of Chairman Crapo and the Banking Committee, this legislation reflects a bipartisan, bicameral consensus that local lenders deserve targeted relief from the enormous regulatory burden imposed by Dodd-Frank. I congratulate Chairman Crapo and Chairman Hensarling on this major step. So many communities – in my home state of Kentucky and across America – will benefit from their hard work when the president signs this bill into law."

Related Issues: Middle Class, Economy