WASHINGTON, D.C.— U.S. Chamber of Commerce President and CEO Thomas J. Donohue issued the following statement today in response to the passage of the “Economic Growth, Regulatory Relief, and Consumer Protection Act” by the U.S. House of Representatives:
“This bill will help restore access to financing for Main Street, giving a much-needed boost to the local banks and small businesses that invigorate our economy. Today’s vote is also encouraging because it proves it’s possible for Congress to achieve compromise when good, pro-growth policy is within our grasp.
“We applaud the House for taking this important step to right-size regulations for the community and regional banks that keep our economy humming, and we appreciate the leadership of Speaker Paul Ryan and Financial Services Committee Chair Jeb Hensarling in getting this measure to the president’s desk.
“But the work isn’t done; the U.S. Chamber will work with the House and Senate to pass a capital formation bill so America’s small businesses can continue to create jobs, grow, and thrive.”
The U.S. Chamber of Commerce strongly supported this congressional effort to better tailor regulations for community and regional banks. Key Vote letters were sent to both the Senate and the House, and a coalition of more than 100 state and local chambers sent a letter to the Hill to push for common-sense financial regulatory reform.
Earlier this year, the U.S. Chamber hosted BCFP Acting Director Mick Mulvaney and Small Business Administrator Linda McMahon for an event focused on restoring small business lending, and it also held local events on bank relief in Little Rock, Ark., Chicago, Indianapolis, Charlotte, N.C., Fargo, N.D., and Columbia, Mo.
Additionally, the U.S. Chamber released a video that tells the story of how one-size-fits-all regulations have hindered banks’ ability to lend to small businesses.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.