Washington, D.C. – Following Idaho Senator Mike Crapo’s hard work and leadership, and Congress’ passage of the Economic Growth, Regulatory Relief and Consumer Protection Act, which is the most significant legislative reform of the Dodd-Frank Act in nearly 10 years, U.S. Senators Jim Risch and Mike Crapo were invited to the White House to participate in President Trump’s signing of the bill into law.
“Dodd-Frank was one of the most damaging pieces of legislation ever enacted for local banks, credit unions and small businesses, which is why I was so proud to stand with the President today while he signed significant reforms into law,” said Senator Risch, chairman of the Senate Committee on Small Business and Entrepreneurship. “This Congress and Administration have kept their promise to roll back burdensome regulations and reduce bureaucratic red-tape, and the bill signed today is another example of our support for Main Street America. I commend Senator Crapo for his hard work on this bill and for seeing its passage through.”
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 will help change the trajectory of small business lending. Specifically, it will 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.
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