AFP Commends House Passage of Dodd-Frank Reform

May 22, 2018 by AFP

Arlington, VA – Today, Americans for Prosperity praised House lawmakers for passing the Regulatory Relief and Consumer Protection Act (S. 2155), a bill that will ease constraints on regional and community banks put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (H.R. 4173). The bipartisan bill crafted by Senate Banking Committee Chairman Mike Crapo (R-ID) and passed by the House Tuesday frees small and medium size lenders from some of the most onerous and counterproductive requirements of the Dodd-Frank Act.

On Monday, AFP sent key vote letters to House members informing them that the legislation would be included on the organization’s congressional scorecard and urging them to vote “Yes”. The bill now heads President Trump’s desk where he is expected sign it.

Americans for Prosperity Chief Government Affairs Officer Brent Gardner issued the following statement:

“The House vote today marks an important milestone in ending the crushing regulatory weight of Dodd-Frank on Main Streets across America. With this reform bill, the House has ushered in the most significant rewrite of financial rules since the Obama administration’s massive overhaul of federal banking laws that had a disastrous impact on community banks, small business, families and individuals working to achieve their dreams.

“We applaud the work of House Financial Services Chairman Jeb Hensarling, Senate Banking Chairman Mike Crapo, and members of both parties who voted to advance this crucial reform. We look forward to working with lawmakers to support the additional reforms needed to continue Congress’s efforts to remove the barriers to opportunity created by Dodd-Frank.”

Background:

Since the passage of the 2,300-page Dodd- Frank law in 2010, AFP has advocated for an end to harmful regulations that force small financial institutions out of business due to increased compliance and burden consumers with higher costs.

In 2017, AFP championed Chairman Jeb Hensarling’s Financial Choice Act 2.0 and in 2018 worked with lawmakers in the House and Senate to advance meaningful bipartisan reform.

AFP Praises House Resolve to Pass Dodd-Frank Reform (5/9/2018)

AFP Commends Chairman Hensarling for Commitment to Repealing Dodd-Frank’s Harmful Regulations Reform (5/2/2018)

AFP Commends Senate for Passing Dodd-Frank Relief Legislation (3/14/18)

AFP Issues Letter of Support for Economic Growth, Regulatory Relief and Consumer Protection Act(3/5/2018)

AFP Pens Letter in Support of CHOICE Act (6/27/2017)

AFP Commends House Passage of Financial CHOICE Act 2.0 (6/9/2017)

AFP Talks Financial CHOICE Act with Rep. Jeb Hensarling (6/7/2017)

AFP Issues Coalition Letter of Support for the Financial CHOICE Act (4/26/2017)

Where Have All the Small Banks Gone? (8/25/2016)

For further information or to set up an interview, please send an email to GBraud@afphq.org.

Americans for Prosperity (AFP) exists to recruit, educate, and mobilize citizens in support of the policies and goals of a free society at the local, state, and federal level, helping every American live their dream – especially the least fortunate. AFP has more than 3.2 million activists across the nation, a local infrastructure that includes 36 state chapters, and has received financial support from more than 100,000 Americans in all 50 states. For more information, visit www.americansforprosperity.org

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