Schneider Statement on Passage of Economic Growth, Regulatory Relief, and Consumer Protection Act
Today, Congressman Brad Schneider (IL-10) released the below statement following his vote in support of S.2155 the Economic Growth, Regulatory Relief, and Consumer Protection Act, which passed the House 258-159:
“Dodd-Frank Wall Street Reform was an important and necessary step forward to protect Americans and prevent another financial crisis. I am committed to defending it.
“At the same time, any legislation of the scope and scale of Dodd-Frank eventually requires adjustment as circumstances change. Under current law, too many community banks credit unions, and regional banks that neither pose systemic risks nor have the same resources as Wall Street banks have been held to the same formulaic standards meant for the mega-institutions that caused the financial crisis.
“I voted for S.2155 because it provides specific, targeted relief to community banks and credit unions, while leaving in place the tough Dodd-Frank rules and regulations that hold Wall Street accountable. This bill is the product of strong bipartisan compromise in the both the House and Senate—in fact, the vast majority of its provisions previously passed the House by a non-controversial voice vote. The bill also importantly expands consumer protections including offering consumers free credit freezes, preventing credit bureaus from ruining veterans’ credit scores due to delayed VA medical payments, and preventing mortgage companies from immediately evicting tenants if their landlord is foreclosed on.”