Economic Growth, Regulatory Relief, and Consumer Protection Act passes the House with bipartisan support

WASHINGTON, D.C. – On Tuesday, May 22, the House of Representatives passed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The bill would enact consumer protections, including free credit freezes, and would provide relief for small community banks from federal regulations intended for larger national banks. Congresswoman Terri A. Sewell (D-AL) voted for the bill when it passed the House with bipartisan support.

“Today’s legislation expands access to credit for everyday Americans, provides needed relief for our community banks, and maintains important Dodd-Frank safeguards in our financial system,” said Rep. Terri Sewell. “For families in my district, this bill makes it easier to refinance a mortgage on a mobile home, get a student loan, and even protect yourself against financial fraud. For community banks, which are the lifeblood of local business, today’s legislation gives lenders the flexibility they need to serve their customers in today’s economy. Dodd-Frank was an important step toward preventing the next financial crisis, but there is room for pragmatic changes that allow small community banks and credit unions to compete and grow, especially in rural areas. I am proud to see Republicans and Democrats working together to expand consumer access to credit, strengthen consumer protections, and bolster the local financial institutions that make our communities strong.”

The Economic Growth, Regulatory Relief and Consumer Protection Act passed the Senate on March 14, 2018, with bipartisan support. After passing the House, the bill now heads to the President to be signed into law.

Passed into law in 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was a landmark financial regulation overhaul enacted in response to the 2008 financial crisis.

This article provided by NewsEdge.