Guest View: Congress and Commonsense Regulation
The Daily Independent
Mar. 20, 2018
You’ve heard it all before: gridlock in Washington; partisan politics; “they can’t get anything done.” Regardless of our political persuasions we all want a functioning government and Congress to come together to pass laws that improve our quality of life. Last week, for the first time in many years, the U.S. Senate did just that by passing S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. What happened you ask? More than 60 U.S. Senators (51 Republicans, 16 Democrats, and one Independent) came together, compromised, and produced legislation that will make an important change on your life.
S. 2155 eases—not eliminates—some regulatory burdens for credit unions and other community-based lenders from the 2010 Dodd-Frank law. Dodd-Frank has made it difficult for smaller lenders to provide affordable loans, offer quality savings programs, and reinvest in our communities. In our area alone, increased regulations have led to a cost of roughly $85 per year for each credit union member at Desert Valleys Federal Credit Union. As a cooperative that returns our profits to our members and our community, this is a major impact on our bottom line and the ability to offer the best rates to our members.