The point of the Senate-passed bipartisan banking bill would be to boost economic growth. It’s right there in the name of the bill: The Economic Growth, Regulatory Relief, and Consumer Protection Act.
While political gridlock exists in Washington on most issues, there’s one topic both sides of the aisle have come to agree on: The Dodd-Frank Act has hurt small financial institutions.
Over the past year, Congress and President Trump have taken a hard line on repealing burdensome regulations across all sectors in order to give long-overdue relief to hard-working Americans and put the economy back on track after nearly a decade of malaise.
Banks and credit unions don’t always agree on much, but they agree on this: Sen. Jon Tester stood up for Montana’s communities, and their small banks and credit unions, when he helped author a bipartisan bill to provide regulatory relief to certain financial institutions.
As chairman of the Senate Banking Committee, I regularly hear from community banks and credit unions, especially those in Idaho, about how they have struggled to keep up with the ever-increasing regulation coming out of Washington.