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With Passage of S. 2155, Congress Promises to Restore Consumer Choice and Credit Access
On Tuesday, May 22, the House passed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. Expected to be signed into law by President Donald Trump, this bill represents the first major bipartisan effort to revisit the 2010 Dodd-Frank Act.
Beau Brunson, Consumers’ Research’s Senior Policy Advisor, released the following statement on the bill’s passage:
“Consumers have found themselves with diminished credit access as a result of unintended consequences of the 2010 Dodd-Frank financial overhaul. Chairman Crapo’s Economic Growth, Regulatory Relief, and Consumer Protection Act enacts moderate regulatory reforms that will allow banks the additional flexibility to meet those needs. Coupled with the Senate’s agreement to move forward a package of House bills designed to ease burdens on America’s small businesses, Congress will have passed the first set of broadly bipartisan economic reforms since 2010. Now that the bill has passed both the House and Senate, consumers would benefit from President Trump quickly signing the bill into law.”
The bill did not address the repeal of the Durbin Amendment, which has made traditional financial services more expensive for consumers, nor did it attempt to reform the Consumer Financial Protection Bureau (CFPB). These issues may be addressed in future regulatory reform bills.
Washington, D.C., May 22 – Consumers’ Research, founded in 1929, is the nation’s oldest consumer organization that seeks to increase the knowledge and understanding of issues, policies, products, and services of concern to consumers. For more information, visit: https://consumersresearch.org/ and follow Consumers’ Research on Twitter at @ConsumersFirst.