Bipartisan bill simplifies government regulations, and increases the availability of credit for qualified home buyers, consumers and small businesses seeking loans
WASHINGTON, D.C. — Today, U.S. Senator John Barrasso (R-Wyo.) issued the following statement after voting in favor of the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). The Senate passed the legislation today by a vote of 67 to 31.
Both the Wyoming Bankers Association and the Mountain West Credit Union Association have endorsed the bipartisan bill.
“Today, the Senate voted overwhelmingly to end the regulatory onslaught plaguing Wyoming’s and our nation’s community banks and credit unions. This bill will give these vital institutions the freedom to do what they do best: serve their customers and their communities,” said Barrasso. “It will also make it easier for small businesses, farmers, and ranchers in Wyoming to get the loans they need to keep their operations running strong. I am proud to support this commonsense approach to provide long-overdue relief for community banks, credit unions and their customers across Wyoming.”
Since the 2008 financial crisis, community banks and credit unions have been buried by an avalanche of rules and regulations. The Dodd-Frank Act promised to end reckless behavior on Wall Street. Instead, it punished small, local institutions on Main Streets across Wyoming and throughout the nation. These misguided rules have contributed to the closure or consolidation of more than 2,600 banks and 2,500 credit unions nationwide in the last 10 years.
The bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155)
delivers relief to Main Street by:
• Giving consumers more control over their personal information and credit reports
• Providing enhanced financial protection for our nation’s veterans and seniors
• Simplifying reporting requirements and the examination process for well-managed, well-capitalized institutions
• Increasing the availability of credit for qualified home buyers, consumers and small businesses seeking loans
• Streamlining certain requirements for small, rural housing agencies
• Protecting job-seeking loan originators and consumer access to manufactured housing
• Providing additional resources for lead and asbestos remediation
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