Dodd-Frank Rollback Bill Headed to President’s Desk
Washington,
May 22, 2018
U.S. Congressman Rick W. Allen issued the following statement after the House of Representatives passed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, legislation that rolls back harmful regulations of the Dodd-Frank Act on small and mid-size banks. The bill will now be sent to the President’s desk for signature. “Today is an exciting day for our financial sector and our local community banks as we eliminate some of the harmful regulations imposed by the Dodd-Frank Act, President Obama’s extremely burdensome financial legislation,” said Congressman Allen. “Community banks’ doors are shuttering, bankers’ abilities to lend are being strangled by Dodd-Frank, small business owners are unable to build or expand their business, and while traveling Georgia’s 12th district, I have heard time and again that Dodd-Frank must go. Consumers are facing more red-tape than ever when attempting to work with a bank or credit union and are finding it increasingly difficult to access credit. While this bill isn’t perfect, we could not miss an opportunity to get banks back in the business of lending and allow our community banks of all sizes to return to the personalized level of service that consumers deserve. ” S. 2155 passed in the House of Representatives by a vote of 258-159. ### |
