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A deep dive into the Senate bill that chips away at the Dodd-Frank Act

Joe Mont | March 21, 2018

On March 15, the Senate, under the leadership of Banking Committee Chairman Mike Crapo (R-Idaho), passed he is calling “the most significant piece of regulatory reform legislation for community financial institutions in nearly a decade.”

 Crapo’s Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) passed the Senate with a bipartisan vote of 67 to 31.

Before the final vote on passage, Chairman Crapo remarked that America was about to witness a “rare, bipartisan moment that had been years in the making.”

The bill, despite Crapo’s talk of its unifying nature, did divide Democrats. The more progressive wing of that party feared that the bill, despite need relief for small banks, was a prelude to skimming regulations away from large and foreign-owned institutions.

Crapo , however, said the legislation “right-sizes the regulatory system for smaller financial institutions, allowing community banks and credit unions to flourish. Rather than...

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