Today, the U.S. House of Representatives passed S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. This legislation is the most significant pro-growth banking deregulation bill in decades. Congressman Blaine Luetkemeyer (MO-03), Chairman of the House Subcommittee on Financial Institutions and Consumer Credit, released the following statement:

“In the wake of the financial crisis, the American people needed regulatory reform that would lift the economy. Instead, Congress responded with a framework that increased the cost of financial products, restricted access to loans, and redistributed credit from middle-income borrowers to high-income borrowers. More than half the provisions in S. 2155 originated in the House, and I am proud to have authored many of them. This bipartisan, bicameral legislation is the product of years of work to provide relief to community financial institutions and American borrowers.”

“We must continue to right-size regulation so that it is based on business model and risk,” said Chairman Luetkemeyer. “With S. 2155 headed to the President’s desk and a commitment from the Senate to consider additional House legislation, I would call this a win - a win for community financial institutions, a win for small businesses, and a win for the American economy.”

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