House Bills Help Local Arkansas Banks, Westerman Says After Voting for Passage
“Since the passage of Dodd-Frank, local banks that had nothing to do with the 2008 Financial Crisis have been treated the same as the most egregious actors that brought our financial system to its knees,” Westerman said. "The result has increased costs for consumers, forced consolidation of community banks, and thousands upon thousands of pages expanding federal regulations. Dodd-Frank has done nothing to prevent another collapse. It has instead reduced choice for consumers and made too-big-to-fail banks even larger. These bills will benefit consumers through regulatory relief for Main Street.”
Congressional Research Service summaries of each bill:
- H.R. 4061, Financial Stability Oversight Council Improvement Act of 2017: This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, in determining whether a nonbank financial company shall be designated as systematically important and consequently be supervised by the Federal Reserve Board and subject to prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability. Every five years, the council must, upon request by a nonbank financial company, reevaluate such a determination and hold a vote on whether to rescind it.
- H.R. 4293, Stress Test Improvement Act of 2017: “This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to modify testing requirements applicable to bank holding companies and certain nonbank financial companies.”