Senate Banking Committee Passes Bipartisan Reg Reform Bill

ABA today applauded the Senate Banking Committee’s passage of S. 2155, the bipartisan regulatory reform bill championed by Sen. Mike Crapo (R-Idaho) and a group of moderate Democrats on the committee, namely Sens. Jon Tester (D-Mont.), Heidi Heitkamp (D-N.D.), Mark Warner (D-Va.) and Joe Donnelly (D-Ind.). The bill includes several provisions that are part of ABA’s Blueprint for Growth, including a Qualified Mortgage designation for mortgages held in portfolio, a substantial increase in the SIFI designation threshold and relief from stress tests and exam requirements for certain institutions.

“Today’s 16-7 bipartisan vote in the Senate Banking Committee for financial regulatory reform legislation shows what can happen when lawmakers on both sides of the aisle work together for the good of the American people,” said ABA President and CEO Rob Nichols. “This bill includes commonsense changes to the nation’s financial rules that will allow banks to better serve their customers and communities.”

In a print ad running in Politico tomorrow, ABA thanks the 10 Republicans, 11 Democrats and one independent who co-sponsored the bill — a key step toward unleashing the full potential of the American economy — and urges the full Senate to pass the bill.

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