Senate Banking Committee member Mike Rounds (R-S.D.) today urged bankers at ABA’s Government Relations Summit to make clear to their lawmakers the real-world consumer impact of regulations. “Send the message time after time: this is about consumers,” he said as attendees prepared to head to Capitol Hill.
As a lead sponsor of the ABA-advocated TAILOR Act, which would require more nuanced tailoring of regulations to different kinds of banks, Rounds emphasized the cost of overregulation, noting that all regulation costs $1.9 trillion each year — “half a trillion more than total personal income tax receipts” — which comes back to consumers through higher prices and reduced services.
When asked what it will take to advance the TAILOR Act, Rounds replied that “it takes you, face-to-face. You have to be involved. The problem will not go away until you actively participate and send the hometown message to your senators and representatives, here and at home.”