Bipartisan Support for Financial Regulatory Relief Bill

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Mike Crapo, chairman of the US Senate Committee on Banking, Housing, and Urban Affairs, introduced the Economic Growth, Regulatory Relief and Consumer Protection Act which would introduce significant financial regulatory reform. Among other things, the bill, which received bipartisan support, would reduce the threshold at which a bank holding company is considered to be a “systemically important financial institution” from $50 billion to $250 billion. The bill also provides other relief for community banks, including setting a leverage ratio of tangible equity to average consolidated assets of between 8% and 10% for banks with less than $10 billion in assets. These same institutions would be exempt from the Volcker Rule. US Senator Sherrod Brown (ranking member of the US Senate Banking Committee) released a statement opposing the bill, cautioning generally against rolling back the protections of Dodd-Frank with little or no perceived benefit to working families. The full Senate Banking Committee is expected to mark up the bill after Thanksgiving.

View full text of the bill.

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