NTU urges all Senators to vote “YES” on S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” This bipartisan legislation would deliver much-needed regulatory relief to community banks burdened by costly provisions within the Dodd-Frank Wall Street Reform and Consumer Protection Act.
A well-functioning financial services industry is vital to continued American prosperity. Yet since the enactment of Dodd-Frank in 2010, federal agencies have issued thousands of new regulations, weighing down American banks with higher compliance costs, fewer services offered, and higher fees on consumers. According to data from the FDIC, since 2010 more than 2,300 community banks have either merged or closed their doors completely -- a rate of nearly one per day. Fewer banks, especially in rural communities, limits access to capital for entrepreneurs to open or expand businesses, or families to get a mortgage to buy a home.
Roll call votes on S. 2155 will be included in our annual Rating of Congress and a “YES” vote will be considered the pro-taxpayer position.