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Last updated on Wednesday, March 7, 2018
(WASHINGTON, D.C.) - U.S. Senator Joe Donnelly spoke on the Senate floor Tuesday about the bipartisan regulatory relief package that is being debated in the Senate this week.
The bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act, which Donnelly negotiated, co-wrote, and introduced in November with several colleagues, passed the Banking Committee in December. It would reduce regulatory burdens on community banks and credit unions -- including for the 103 community banks and 154 credit unions in Indiana -- as well as provide new protections to consumers.
The bill maintains the key elements of Dodd-Frank to ensure the safety and soundness of our financial system. It has 26 cosponsors - 13 Republicans, 12 Democrats, and an Independent - highlighting the strong bipartisan support of this targeted and carefully crafted legislation.
Donnelly said, in part, in his remarks Tuesday, "As we debate the Economic Growth, Regulatory Relief, and Consumer Protection Act, the Senate is on the verge of doing something significant: we are breaking through the gridlock on a bipartisan legislative package to reduce unnecessary regulatory burdens on main street banks and credit unions, while also expanding protections for consumers, for servicemembers, for veterans. This is an example of what we can achieve when we work together."
"...This commonsense legislation is intended to help main street community banks and local credit unions to focus more on traditional banking, our small businesses, our farms, our families, while maintaining the safety and soundness of our financial system."
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