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Key Vote Letter: S. 2155, the "Economic Growth, Regulatory Relief, and Consumer Protection Act"
TO THE MEMBERS OF THE UNITED STATES SENATE:
The U.S. Chamber of Commerce supports S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” which would better tailor regulations for community and regional banks. The Chamber will consider including votes on, or in relation to, this bill in our annual How They Voted scorecard.
Main Street businesses depend on community and regional banks for the financing necessary to get started, sustain operations, manage cash, make payroll, and create well-paying jobs. The “one-size-fits-all” approach to regulation implemented in the wake of the 2008 financial crisis has severely constrained these banks’ ability to serve consumers and small businesses in their communities.
This bipartisan legislation is a step towards right-sizing regulations on community and regional banks and would help reverse the decade-long decline in small business lending. While raising the asset threshold for enhanced prudential standards is an important first step, the Chamber continues to strongly support tailored regulations―sophisticated rules that are properly calibrated to the risk profile of an activity or institution.
The Chamber commends the Senate for demonstrating that bipartisanship and compromise are still possible. We urge you to support S. 2155 and to help put Main Street back on the path to success.
Senior Vice President, Congressional and Public Affairs