From the Web: Senate Banking Committee Advances Regulatory Relief Bill

The bill, if approved in the Senate, would revise many parts of the Dodd-Frank Act.

12/7/2017 9:00 AM

From the Web: Senate Banking Committee Advances Regulatory Relief Bill

The Economic Growth, Regulatory Relief and Consumer Protection Act, sponsored by U.S. Sen. Mike Crapo, R-Idaho, is up for consideration by the full U.S. Senate after it received support from 16 Senate Banking Committee members Dec. 5.

Bloomberg reports, “Tuesday’s vote moves the bill to the full Senate, where it will need to gain approval before it can be merged with a measure from the U.S. House.”

That measure is the House-approved Financial CHOICE Act of 2017 from U.S. Rep. Jeb Hensarling.

The act from the chairman of the House Financial Services Committee, H.R. 10, is more extensive than Crapo’s bill and would comprehensively reform the Dodd-Frank Wall Street Reform and Consumer Protection Act, ACA International previously reported. Democrats who signed onto Chairman Crapo’s bill would be unlikely to agree with Chairman Hensarling’s plan, which passed in the House along party-line vote. 

According to Bloomberg, despite the bipartisan support, Crapo’s legislation still faces challenges in becoming a law as Republicans in the Senate are concentrating on their tax policy overhaul and debate continues over spending legislation to avoid a government shutdown.

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