Economic Growth, Regulatory Relief, and Consumer Protection Act--

Floor Speech

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Mr. CRAPO. Mr. President, we are about to witness a rare bipartisan moment in the Senate that has been years in the making. We have had the opportunity to highlight this bill over the last 2 weeks, and I have been very encouraged by my colleagues' support for its critical results.

Again, I thank each of the Senators who support this bill--including many members of the Banking Committee--for their interest, involvement, and the many discussions, hearings, and personal conversations we have had to get to this point.

I want to stop at this point and give a special thanks to my staff, who has spent countless hours, weeks--actually months and years-- getting us to this point on this legislation, and the staff of the other Members who have worked so closely with us as we worked to find a yes to difficult problems and solutions that we are facing.

Since the bill passed out of the Banking Committee, supporters have worked in good faith to include provisions that different Members have offered, including those who do not support the bill. The substitute amendment we introduced last week reflects the additional provisions that the bill supporters were able to agree to.

The final bill we are about to vote on today is the product of careful negotiations and good, old-fashioned statesmanship. The majority of us in this body recognize that our community financial institutions have been struggling to keep up with the regulatory demands coming out of Washington and that it was time to revisit current law and make changes where necessary.

While there are certain provisions that I would like to have included in this bill, I believe the package on which we were able to reach consensus is an important step in the right direction and will deliver much needed relief and economic growth to Main Street America.

When this bill is signed into law, it will right-size regulation for financial institutions, including community banks and credit unions, making it easier for consumers to get mortgages and to obtain credit. Those are the real victims of this regulatory overreach--individuals who find it difficult to get access to credit, to get a loan for college, to get a mortgage for a house, or small businesses seeking to start up or to expand that cannot get necessary access to capital not because they are not creditworthy but because the system we have created makes it so that our smaller financial institutions that do the relationship banking throughout so much of America don't have the ability to serve them anymore. It also increases important consumer protections for veterans, senior citizens, victims of fraud, and those who have fallen on tough financial times.

This bill has received widespread support for good reason. The cycle of lending and job creation has been stifled by onerous regulation. Absent excessive regulatory burdens, local banks and credit unions will be able to focus more on lending and in turn propel economic growth and create jobs.

Not to be overlooked, this is also an important moment for bipartisanship and working across the aisle to legislate. Many people are worried about the gridlocks in Congress. This bill shows that we can work together and can do big things that make a big difference in the lives of people across this country.

Those who support this bill have recognized that, with the right regulation, tailored regulation, we can promote local economic growth through our Nation's smaller financial institutions.

I will end with this: This bill was a bipartisan compromise. The changes are common sense, and it will allow financial institutions to better serve their customers and communities, while maintaining safety and soundness and important consumer protections. At a time of intense political polarization, we have proven that we can work together to get things done.

This is good for small financial institutions, good for small businesses, and good for families across America, and I encourage my colleagues to support its passage.

I yield back my time. Vote on Motion to Waive

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