Congressman Steve Womack (AR-3) today released the following statement after House passage of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. S. 2155, which increases consumer protections while providing regulatory relief for community banks and small financial institutions overburdened by Dodd-Frank regulations written for large banks, will be sent to the President to be signed into law.
“Since its passage, Dodd-Frank and its ‘one-size-fits-all’ regulatory approach have strangled community banks and inhibited their ability to support economic growth. Today, we are restoring faith in our local financial institutions and paving a less-restrictive way for Americans to have access to credit, mortgages, loans, and consumer protections. By providing relief from these burdensome regulations meant for big banks, this bipartisan legislation will allow small lenders to better serve their customers and better meet the needs of the small businesses, entrepreneurs, families, and individuals in their communities. I proudly support it.”
Congressman Steve Womack has represented Arkansas’s Third Congressional District since 2011. He serves as the Chairman of the House Committee on the Budget and is a member of the House Appropriations defense, military construction-veterans affairs, and labor-health and human services subcommittees.