This story appeared in Bank Digest.
The Senate has begun debate on the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), which would modify provisions of the Dodd-Frank Act and related laws governing financial services. According to a prepared floor speech by Senate Banking Committee Chairman Mike Crapo (R-Idaho), the bill “offers much-needed reforms that will reduce unnecessary burdens on smaller financial institutions so that they can use more of their capital serving customers, rather than complying with federal regulations that were never intended for them.”
But according to Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio), the bill “weakens stress tests for all large banks,” including those designated as global systemically important banks, and “opens the door to a weakening of oversight of foreign megabanks operating in the U.S.”
Senator Elizabeth Warren (D-Mass) filed 17 amendments to demonstrate what she believes are serious flaws with the bill. In addition, Sens. John Kennedy (R-La) and Brian Schatz (D-Hawaii) introduced an amendment intended to make it easier for consumers to protect their credit and fix mistakes in the wake of the Equifax security breach.