Washington, D.C. – U.S. Senator Jim Risch (R-ID) today supported, and the Senate passed, S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. Drafted by Idaho Senator Mike Crapo, the bill reforms the Dodd-Frank Act, an Obama Administration banking law that had significant consequences for small businesses. Senator Crapo’s bill provides financial stability to small community banks and credit unions and now moves to the House for consideration.
“Many small businesses lost a critical financial lifeline through community banks as a direct result of Dodd-Frank,” said Chairman Risch. “By reforming this failed law, this bill helps entrepreneurs gain access to the capital they need to build and grow their businesses. Senator Crapo carefully crafted this legislation with Main Street America and Idaho’s small community banks in mind, and I sincerely thank him for his leadership.”
According to the U.S. Chamber of Commerce, the number of small business loans is down 41% since 2008. By removing regulatory barriers for small community banks and credit unions, this legislation would help change the trajectory of small business lending. Specifically, it would improve our nation’s financial regulatory framework for Main Street banks, making it easier for these institutions to extend credit, loans, mortgages, and other products and services to small businesses and American families. Further, it includes important consumer protections for veterans, senior citizens and victims of fraud. This bipartisan bill is the most significant reform of the Dodd-Frank Act since the law was enacted nearly 10 years ago.