U.S. Senator Tom Carper and Chris Coons announced their support for a bill that reduces banking regulations for community banks and credit unions.
The Economic Growth, Regulatory Relief, and Consumer Protection Act was authored by Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Senator Mark Warner (D-Va.)
“After the financial crisis, Congress passed much-needed reforms to strengthen the banking system and help protect consumers by reining in predatory and reckless behavior. Seven years later, we know that many of those reforms are working well, while others require adjustments to ensure community banks and credit unions continue to be a valuable source of affordable loans for families and small businesses,” Carper and Coons said in a statement.
The bill has 20 co-sponsors from both sides of the aisle. The Senate Banking Committee will vote on the measure.