03.14.18

Capito Votes to Deliver Regulatory Relief for Main Street, Consumer Protections

Passage of bipartisan bill provides most significant reform of Dodd-Frank in nearly a decade

WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.) today issued the below statement after voting in support of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The bipartisan legislation will provide regulatory relief to community banks, credit unions, and other smaller financial institutions; help small businesses grow; allow for greater access to mortgages; and deliver important consumer protections. It passed on a 67-31 vote.

“For years, our smaller financial institutions in West Virginia have struggled under the weight of burdensome Dodd-Frank regulations. With this legislation, the Senate sent a clear message that those days are over. I was proud to help pass this bipartisan bill that will deliver the most significant reform of Dodd-Frank in nearly a decade and provide commonsense regulations for Main Street businesses, community banks, credit unions, and smaller financial institutions in West Virginia. I was also glad to see that many of the priorities I have long advocated for—dating back to my days in the House—are reflected in the bill. Hardworking West Virginians deserve a fair shot and a chance to succeed, and this legislation will give them that chance.”

Specifically, the Economic Growth, Regulatory Relief, and Consumer Protection Act

  • Provides a balanced regulatory approach that takes into account the differences between larger and smaller financial institutions.
  • Improves access to mortgages for working families and residents in rural communities.
  • Ensures financial regulations are fair and workable.
  • Includes consumer protections for seniors, veterans, and individuals who have gone through tough financial times.
  • Helps student borrowers rehabilitate their federal and private student loans and gives them an opportunity to repair their credit history.
  • Puts in place cybersecurity standards and safeguards to protect sensitive financial information.

Last week, Senator Capito spoke on the Senate floor in support of this legislation. For a video of her full remarks, click here.

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