Yesterday, the U.S. House sent the largest pro-growth, deregulation bill in decades to President Trump’s desk. Today, I was fortunate to be at the White House and watch as he signed it into law. S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act will roll back some of Dodd-Frank’s most harmful regulations to small financial banks and credit unions.
The bottom line: Dodd-Frank did not work. Both chambers (and both sides of the aisle) agree that the “one size fits all” regulation style from Washington has done little but destroy economic potential and left Main Street – quite literally – to pay the price for a crisis for which they were not responsible.
I am happy to report that S. 2155 included my Home Mortgage Disclosure Adjustment Act, a bill I introduced to provide relief to small lenders and make more Americans into homeowners. Specifically, it will relieve these smaller players from a Consumer Financial Protection Bureau imposed “double the data” rule that is costly and has even forced lenders from offering mortgages at all.
This relief could not come quickly enough. Recently the Wall Street Journal reported our nation is facing a new housing crisis. Industry experts have attributed the crisis to a combination of factors, including tightened housing regulations.
Fortunately, that is all going to change. Help is finally on the way.
Republicans promised relief for Main Street, and we delivered. Building on the largest tax cuts in three decades, the Economic Growth, Regulatory Relief and Consumer Protection Act will unleash our economy’s full potential and provide more opportunities for all Americans.