House Passes Hill Legislation to Ease Regulatory Burden for Arkansas Banks
Washington,
April 13, 2018
Today, Congressman French Hill (AR-02) issued the following statement after the House passed his bill, the Volcker Rule Regulatory Harmonization Act of 2018, by a bipartisan vote of 300-104:
“As a former Arkansas community banker, I dealt with countless regulatory inconsistencies across federal banking agencies. The Volcker Rule has been one of the most indecipherable with its 930 pages and frequently five different regulatory interpretations. I appreciate my colleagues in the House supporting my commonsense bill to harmonize the regulatory rule interpretation process, and ease the compliance burden for our community banks lending in our local economies. This bill also will help Arkansas families, businesses and public finance issuers by improving our capital markets.” Click here to watch Rep. Hill speak in support of this bill. Background Information: The Volcker Rule Regulatory Harmonization Act of 2018 would do the following: 1. Amends Section 619 of the Dodd-Frank Act to streamline the regulatory authority over the Volcker Rule by granting the Federal Reserve the exclusive rulemaking authority and providing the primary federal banking agency for a banking entity the sole examination and enforcement authority. 2. Excludes community banks with less than $10 billion in consolidated assets from the Volcker Rule Requirements. |
