This story appeared in Bank Digest.
The House of Representatives has passed the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) by a vote of 258 to 159, with 10 not voting. A House Financial Services Committee press release called the bill, which would modify provisions of the Dodd-Frank Act and related laws governing financial services, "the most significant pro-growth financial regulatory reform package since the passage of Gramm-Leach-Bliley nearly a generation ago." The Senate previously passed S. 2155 on March 14, 2018, by a vote of 67 to 31.
Republicans in the House and Senate praised passage of the bill, with Senate Banking Committee Chairman Mike Crapo (R-Idaho) saying, "This step toward right-sizing regulation will allow local banks and credit unions to focus more on lending, in turn propelling economic growth and creating jobs on Main Street and in our communities." Similarly, Senate Majority Leader Mitch McConnell (R-Ky) said House passage of the bill "represents a major victory for America's local lenders and the communities they support."
House Speaker Paul Ryan (R-Wis) called passage of the bill "a major step forward in freeing our economy from overregulation," while House Majority Leader Kevin McCarthy (R-Calif) said that "House passage of this bill is yet another major step for America's comeback."
However, Democrats were critical of the bill, with House Financial Services Committee Ranking Member Maxine Waters (D-Calif) saying in a prepared floor statement that "the bill is packed with poisonous provisions that benefit megabanks like Wells Fargo and companies like Equifax" and House Minority Leader Nancy Pelosi (D-Calif) calling the legislation "a bad bill under the guise of helping community banks."
Comptroller of the Currency Joseph M. Otting issued a statement saying the bill "restores an important balance to the business of banking," while Treasury Secretary Steven Mnuchin said the bill "will lead to increased investment in communities across the United States and foster greater economic growth for our country."