Press Release - Crapo Brokers Regulatory Agreement
Press Release - Crapo Brokers Regulatory Agreement
House and Senate reach agreement on financial services industry package
Washington, DC - Agreement between the House Financial Services Committee and the Senate Banking Committee on a financial services industry package culminated today with expected House passage of legislation that will provide regulatory improvements in that industry. The measure, authored by Idaho Senator Mike Crapo, brings regulations up-to-date and in line with current technology and practices. The Financial Services Regulatory Relief Act of 2006 (S. 2856) cleared the Senate unanimously in May and was sent to the House for consideration.. The package will now be sent back to the Senate for approval.
In applauding the House action, Crapo, a member of the Senate Banking Committee who has been the Senate leader in prompting reforms in the financial services industry that will ultimately improve customer services, said, "This reform legislation has been a long time in coming and I am pleased that Chairman Oxley and others have worked with me to reach agreement on many issues that remained in contention. In particular, with regard to the nearly-seven-year logjam over the SEC's proposed Regulation B (or Reg B), Congress has decided to intervene. Joint rulemaking between the SEC and Federal Reserve Board, as required by this legislation, will give effect to the congressional intent underlying the Gramm-Leach-Bliley Act. Specifically, the legislation is intended to ensure that regulators do not create a new and burdensome regulatory maze of requirements that would disrupt or interfere with the business practices of banks and thrifts that offer traditional bank products and services to their customers. The creation of requirements like those proposed in Reg B would ultimately force banks and thrifts to stop offering their customers the very same products and services that we were seeking to protect in Gramm-Leach-Bliley. It has always been my intention to push for regulatory reform that would streamline and improve the transparency and reporting issues involved in the financial services industries."
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