TO THE MEMBERS OF THE U.S. HOUSE OF REPRESENTATIVES:
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 capital necessary to get started, sustain operations, manage cash, make payroll, and create wellpaying jobs. The post-financial crisis “one-size-fits-all” regulatory regime has severely constrained these banks’ ability to serve households and small businesses in their communities.
This legislation is the product of bipartisan cooperation in both the House and Senate, and would help reverse the decade-long decline in small business lending. While provisions such as raising the asset threshold for enhanced prudential standards are an important 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 House for taking up this bipartisan legislation, and we look forward to working with Congress on further reforms to help growing businesses access the capital they need to be successful. We urge you to support S. 2155.
Suzanne P. Clark
Senior Executive Vice President
U.S. Chamber of Commerce