03.15.18

Sullivan Shares Statement on Passage of Bipartisan Dodd-Frank Reform

Bill Works to Right-Size Regulations for Small Community Banks and Credit Unions

WASHINGTON, DC – U.S. Senator Dan Sullivan (R-AK) released the following statement after voting in support of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, legislation to reform the one-size-fits-all financial law known as the Dodd-Frank Act.

 “As we work to reignite the American economy after a lost decade of growth – small community banks and credit unions continue to play a critical role. However, since the enactment of Dodd-Frank in 2010, we’ve seen well over a thousand American community banks close their doors – many unable to keep up with the ever-increasing regulatory and compliance demands as a result of this one-size-fits-all law,” said Senator Sullivan. “The legislation – which garnered major support from both Republicans and Democrats – works to right-size these regulations for small community banks and credit unions; effectively freeing up critical resources and making it easier for them to offer services to hardworking Alaskan families and small businesses, including new mortgages, loans and community investments that result in new jobs and added opportunity for our residents. With the highest unemployment rate in the nation, getting Alaska out of its recession continues to be my primary focus. This legislation, along with the series of pro-growth measures we’ve recently taken in Congress, should make a meaningful difference in helping get Alaskans back to work and our economy growing.”

 The largest Dodd-Frank reform to pass the U.S. Senate since its passage in 2010, this bill works to protect American citizens from the threat of predatory financial institutions while also working to create a strong and robust economy. S. 2155, which overwhelmingly passed the Senate 67 to 31, importantly tailors Dodd-Frank’s strictest regulations as they were originally intended – for Wall Street and too-big-to-fail financial institutions, while also enhancing consumer protections – particularly for seniors, veterans and victims of identity theft.

 The Economic Growth, Regulatory Relief, and Consumer Protection Act has received robust support from Alaska community banks and credit unions, including the Alaska Credit Union League and the Alaska Bankers Association.

 

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