Press Releases

WASHINGTON – Today, Congressman French Hill (AR-02), the Majority Whip of the House Financial Services Committee, issued the following statement after the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which repeals major parts of the Dodd-Frank Act:

“Today, my colleagues and I took the first step in paving the way for a better economic future for all hardworking Americans. As a former community banker, I experienced firsthand the negative effects Dodd-Frank had on our communities. By passing this legislation and sending it to the President’s desk, we celebrate a huge win for our local job creators and the communities they serve.

Since its enactment, the Dodd-Frank economy did not work for the working people, and its bureaucratic red tape and Washington mandates discouraged economic growth and job creation. But not anymore. This regulatory relief package will promote a healthier, safer, and stronger economy by ending the one-size-fits-all regulatory approach of Dodd-Frank that has systematically crippled the ability of community banks to succeed.

“I commend Chairmen Hensarling (R-TX) and Senator Crapo (R-ID), Chair of the Senate Banking, Housing, and Urban Affairs Committee, for working tirelessly to get this important bill over the finish line and I look forward to continuing to fight for our families and small businesses by right sizing additional, overzealous financial regulations that have stymied capital formation and economic growth.”

Background:

Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155, does the following:

Title I. Improves consumer access to mortgage credit

Title II. Provides regulatory relief and protects consumer access to credit

Title III. Protects veterans, consumers and homeowners

Title IV.  Tailors regulations for certain bank holding companies

Title V. Encourages capital formation

Title VI. Protects student borrowers

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