This story appeared in Bank Digest.
President Donald J. Trump has signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), an act that is intended to ease many of the post-recession restrictions that were imposed on the financial services industry by the Dodd-Frank Act. At a signing ceremony, President Trump said, "This is truly a great day for America and a great day for American workers and small businesses all throughout the nation."
While the President, and a fact sheet released post-signing by the White House, focused on the impact of the law on community banks, which are often defined as those under $10 billion in assets, significant provisions will change which bank holding companies are subject to enhanced prudential standards, benefiting much larger banks.
Senate Banking Committee Chairman Mike Crapo (R-Idaho), the bill's sponsor, said the "bill's passage marks one of our greatest achievements in the 115th Congress," and House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said the bill "takes a major step toward allowing the banking system to serve the needs of American businesses and American families instead of working in the interest of Washington bureaucracy." But Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio) said, "Today, special interests win again. The President signed in to law a giveaway that loosens rules for the same big banks that helped crash the economy a decade ago, leaving Americans taxpayers responsible for a $239 billion bailout."