WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) and a group of bipartisan group of senators have reached an agreement that will provide much-needed relief to community banks, credit unions and other institutions unfairly punished for the 2008 financial crisis. The agreement will scale back portions of the Dodd-Frank Act while still protecting consumers.
“It makes no sense to apply the immense regulatory burden of Dodd-Frank on our smaller financial institutions. Every reasonable person with a passing knowledge of our banking system knows the destabilizing effect that Dodd-Frank has had on local economies, community banks, and credit unions,” said Sen. Kennedy. “This agreement will help small businesses and rural communities rebuild and grow while also helping our veterans and senior citizens.”
“A strong and vibrant economy is important for American consumers, businesses, and the stability of the financial sector,”said Sen. Mike Crapo, Chairman of the Senate Banking Committee. “The bipartisan proposals on which we have agreed will significantly improve our financial regulatory framework and foster economic growth by right-sizing regulation, particularly for smaller financial institutions and community banks. I thank all of the senators who have joined with us to move this forward, and look forward to continuing our work to achieve a robust, bipartisan legislative product.”
The bipartisan group of senators who support the agreement are as follows: Banking Committee Chairman Mike Crapo (R-ID), Bob Corker (R-TN), Tim Scott (R-SC), Tom Cotton (R-AR), Mike Rounds (R-SD), Thom Tillis (R-NC), David Perdue (R-GA), Jerry Moran (R-KS), Joe Donnelly (D-IN), Heidi Heitkamp (D-ND), Jon Tester (D-MT), Mark Warner (D-VA), Tim Kaine (D-VA), Angus King (I-ME), Joe Manchin (D-WV), Claire McCaskill (D-MO), and Gary Peters (D-MI).