AFP Issues Letter of Support for Economic Growth, Regulatory Relief and Consumer Protection Act

Mar 5, 2018 by AFP

Arlington, Va. – Americans for Prosperity today expressed support for the Economic Growth, Regulatory Relief and Consumer Protection Act, which is expected to see a floor vote in the U.S. Senate this week. This bipartisan legislation includes changes to federal banking laws that are needed to provide relief from the regulatory weight of Dodd-Frank.

In a letter to Senator Crapo (R-ID) Friday, AFP applauded the bill’s elimination of burdensome regulatory requirements for small community banks and called it a “step in the right direction” toward relief.

You can read the letter here.

In the letter, AFP Chief Government Affairs Officer Brent Gardner wrote:

For nearly eight years, Americans have suffered under the crushing regulatory weight of Dodd- Frank. In that massive overhaul of our federal banking laws, Washington created more problems than it set out to solve, as is often the case when it comes to regulations. This important legislation[the Economic Growth, Regulator Relief and Consumer Protection Act], however, rolls back some of Dodd-Frank’s harmful compliance restrictions by constructing protections for smaller financial institutions, often the hardest hit by the law’s burdensome requirements.

BACKGROUND:

Since Dodd-Frank’s passage, AFP has been an outspoken opponent of the failed policies that placed massive regulatory burdens on consumers and small businesses.

In 2017, AFP supported House Financial Services Committee Chairman Jeb Hensarling’s Financial CHOICE Act 2.0

Dodd-Frank is a mess. Fix broken banking laws with the CHOICE Act (op-ed by Christine Harbin, May 30, 2017)
AFP Issues Coalition Letter of Support for the Financial CHOICE Act (April 26, 2017)

For further information or to set up an interview, reach Gabrielle Braud at GBraud@afphq.org or (571) 329-1846.

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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