President Trump today signed S. 2155 — which was passed earlier this week by a bipartisan majority in the House — into law. The new law is a critical first step toward bringing much-needed regulatory relief to help banks better serve their customers and communities, and came as a result of a persistent, eight-year advocacy effort on the part of bankers, state associations and ABA to address some of the unintended consequences of Dodd-Frank.
“Today’s signing ceremony concludes years of dedicated advocacy by American Bankers Association members across the country who showed that some of the rules in place were hurting not helping the country,” said ABA President and CEO Rob Nichols in a statement thanking the President. “House and Senate lawmakers from both parties listened to what we and others had to say and delivered this victory for both their constituents and the broader economy. We believe there is more that can and should be done to right-size financial rules while maintaining needed safety and soundness, and we look forward to working with members of Congress, the regulatory agencies and the administration to achieve more progress in the months ahead.”
With the bill’s signing today, select provisions take effect immediately, for example, an exclusion from the Volcker Rule for most community banks. In a special bonus episode of the ABA Banking Journal Podcast, two of ABA’s top regulatory experts walk through how changes in the law will be implemented in the weeks and months ahead, and Nichols and ABA Chairman Ken Burgess recap the banker-led advocacy effort that made the law possible. ABA has also prepared a number of resources highlighting the changes.
ABA is urging bankers to write to their representatives to either thank them for voting “yes” on S. 2155 or express disappointment that they voted “no.” The association is also encouraging state associations and member banks to consider thanking the bill’s supporters in Congress publicly through social media, op-eds or print advertising. As the industry pursues further changes to financial regulatory policy, bankers should continue sharing stories with their lawmakers that will help them craft additional commonsense solutions for regulatory reform.