With the public and the media focused on the cancellation of North Korea summit, President Donald Trump sign into law legislation that will roll back burdensome Obama-era financial regulations.
On Thursday, Trump signed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. The bill had passed the House on Tuesday, while it was passed by the Senate in March.
At the signing ceremony, flanked by members of his cabinet and GOP lawmakers, Trump announced that the much anticipated meeting planned with North Korea in Singapore was being canceled.
The statement took the spotlight off the new law which — to the delight of the financial services industry —
rolls back provisions of the massive Dodd-Frank Wall Street Reform and Consumer Protection Act.
A White House statement indicated that the law will make financial regulations more efficient, effective and appropriately tailored. It also provides common-sense regulatory relief for community banks, mid-sized banks, regional banks and credit unions.
“Small community banks have been unfairly and disproportionately harmed by Dodd-Frank, compared to big banks, which can use their substantial resources to navigate Dodd-Frank’s costly and complex regulations,” the statement said. “As a result, the number of community banks in the United States has decreased by 2,000 since 2010, according to statistics from the Federal Deposit Insurance Corp.
“2155 will help ensure the viability of community banks by minimizing the competitive advantage Dodd-Frank regulations have conferred on big banks.”
