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Congressman Randy Hultgren

Representing the 14th District of ILLINOIS

House Sends Main Street Financial Regulatory Relief to President’s Desk

May 22, 2018
Press Release
Legislation Includes Several Provisions Championed by Rep. Hultgren; Will Mean Jobs for Illinois

Washington, DC — U.S. Rep. Randy Hultgren (IL-14) today voted for key regulatory relief for community financial institutions and job creators.

The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), which contains several provisions Hultgren authored as a member of the House Financial Services Committee, reduces the onerous regulations that have stifled the banking and consumer finance sector and shackled the economy since the flawed Dodd-Frank Act became law in 2010. The relief bill now goes to the President’s desk for his signature.

“This important bill will mean jobs for Illinois and regulatory relief for our Main Street banks,” said Hultgren.

Hultgren noted, “Since 2010, Dodd-Frank hasn’t lived up to its false promises. It’s time for real reforms that make it easier for small businesses to get a loan, remove unnecessary obstacles to home ownership and ensure community financial institutions have opportunities to compete with too-big-to-fail banks.”

“This consensus legislation has strong bipartisan support in both chambers of Congress and acknowledges that not all financial institutions pose the same risk to taxpayers, especially Main Street community banks and credit unions in Illinois and nationwide,” continued Hultgren, who pointed out the bill includes reforms for credit bureaus and adds new protections for seniors and veterans.

In his statement on the floor of the U.S. House during debate on the legislation, Rep. Hultgren noted the provisions in the bill that he fought for through his work on the House Financial Services Committee. He is the original sponsor of:

He is an original cosponsor of:

“S. 2155 also includes other legislation I’ve supported in the House such as updating the thresholds for banks being subjected to enhanced prudential standards, commonsense reforms to the mortgage rules, reducing the burden of the Volcker Rule for community banks and a number of important tweaks to our securities laws that will encourage job growth.” said Rep. Hultgren.

As a member of the House Committee on Financial Services, Rep. Hultgren serves as the Vice-Chair of the Subcommittee on Capital Markets, Securities, and Investment, and is also a member of the Subcommittee on Housing and Insurance.