House Sends Main Street Financial Regulatory Relief to President’s Desk
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:
- Sec. 205 – This section is identical to H.R. 4725, the Community Bank Reporting Relief Act, which requires regulators to permit for community banks to use an abbreviated report of their condition and income every other quarter.
- Sec. 507 – This section is identical to H.R. 1675, the Encouraging Employee Ownership Act, which increases the amount of shares a private company can offer to its employees before additional burdensome disclosures are required.
He is an original cosponsor of:
- Sec. 213 – This section is identical to H.R. 1457, the MOBILE Act, which makes it easier for financial institutions to open a bank account through a mobile device.
- Sec. 215 – This section is identical to H.R. 5192, the Protecting Children from Identity Theft Act, which directs the Social Security Administration to electronically confirm with trusted third parties if a name, date of birth and Social Security Number are affiliated.
- Sec. 302 – This section is identical to H.R. 2683, the Protecting Veterans Credit Act, which creates a one year credit reporting grace period for the resolution of debt from medical services acquired through the Department of Veterans Affairs Community Care Programs.
- Sec. 402 – This section is identical to H.R. 2121, the Pension, Endowment, and Mutual Fund Access to Banking Act, which makes it easier for certain banks to accept the cash deposits of their customers.
- Sec. 403 – This section is identical to H.R. 1624, the Municipal Finance Support Act, which adjusts bank capital rules to lower the cost of financing for states and local governments.
- Sec. 501 – This section is identical to H.R. 4546, the National Securities Exchange Regulatory Parity Act, which makes it easier for stock exchanges to innovate in the services they offer to investors.
- Sec. 505 – This section is identical to the H.R. 1257, Securities and Exchange Commission Overpayment Credit Act, which lets certain securities organizations that have overpaid regular fees to the Securities Exchange Commission receive a reimbursement.
“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.