In Q&A during ABA’s Emerging Leaders Forum today, Rep. Josh Gottheimer (D-N.J.) expressed his support for S. 2155 — the bipartisan Senate regulatory reform bill currently awaiting action in the House — calling it “a very sensible piece of legislation.”
“I think it’s a great step forward. There’s plenty of things in Dodd-Frank that went too far,” said the House Financial Services Committee member. “You don’t have to get rid of Dodd-Frank, but you can swing the pendulum to a reasonable place.” He noted that negotiations are currently ongoing between the House and Senate to decide “whether [the House]can accept [the bill]in its current form.”
Gottheimer also encouraged emerging leaders to continue being involved and engaged in advocacy, noting that as key drivers of local economies, bankers have important insights to share with lawmakers. He added that hearing from the people on the ground about the effects of overregulation provides perspective on the issues. “If they’re coming from a local bank where they’re in a position that they see this issue day to day in a way that I can’t, that makes a difference for me,” he said.