The Competitive Enterprise Institute (CEI) commends the U.S. Senate on passage of Sen. Crapo's S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. This legislation will bring some relief to thousands of community banks and a number of regional banks across the country. While the bill does not go far enough to fix the mess that the Dodd-Frank Act created, CEI experts argue it is a step in the right direction.
CEI policy analyst Daniel Press:
"Republicans and Democrats deserve credit for working together on commonsense banking reform. Dodd-Frank made thousands of banks across the country ‘Too Small to Succeed,’ with more than one in five banks disappearing since its enactment. Reforms in this bill are a step in the right direction to help right-size regulatory costs imposed by Dodd-Frank."
CEI senior fellow John Berlau:
"This bill takes some very modest steps toward reducing the regulatory burden on small banks and credit unions. It needs to provide more relief to Main Street entrepreneurs and investors by adding bipartisan deregulatory measures from the House that will lift barriers to access to capital. The House and Senate should go to conference to make this a better bill."
More from CEI on Dodd-Frank reform:
- Commentary: There’s Nothing to Fear about Modest Banking Reform
- Commentary: 3 Reasons the Senate Should Pass Financial Reform