WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Banking Committee, released the following statement after President Trump signed his regulatory reform bill, S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, into law:
“The bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act will provide meaningful relief to Main Street. It will roll back unnecessary and burdensome regulations on credit unions and small community banks while ensuring that larger banks remain subject to the rules I helped put in place after the financial crisis. This bill is the result of years of tough negotiations between Democrats and Republicans and will help small lenders provide mortgages and other credit to hardworking Virginians and small businesses. While this bill does not include everything Democrats wanted nor everything Republicans wanted, I’m proud of my colleagues for putting differences aside, finding common ground, and working together to pass this sensible, bipartisan bill into law.”
The legislation is the result of bipartisan negotiations among Warner, Banking Committee Chairman Mike Crapo (R-ID), and Banking Committee members Sens. Joe Donnelly (D-IN), Heidi Heitkamp (D-ND) and Jon Tester (D-MT).
The legislation was endorsed by a number of Virginia banking institutions including the Virginia Bankers Association (VBA) and the Virginia Association of Community Banks (VACB).