Economic Growth, Regulatory Relief and Consumer Protection Act

The Economic Growth, Regulatory Relief and Consumer Protection Act (Pub.L. 115–174 (text) (pdf), S. 2155) was signed into United States federal law by President Donald Trump on May 24, 2018.[1][2][3][4] The bill eases regulations imposed by Dodd–Frank after the financial crisis of 2007–2008 by raising the threshold to $250 billion from $50 billion under which banks are deemed too important to the financial system to let fail.[5] The bill also eliminated the Volcker Rule for small banks with less than $10 billion in assets.[6]

Economic Growth, Regulatory Relief and Consumer Protection Act
Great Seal of the United States
Long titleA bill to promote economic growth, provide tailored regulatory relief, and enhance consumer protections, and for other purposes.
Enacted bythe 115th United States Congress
EffectiveMay 24, 2018
Citations
Public lawPub.L. 115–174 (text) (pdf)
Codification
Acts amendedCommodity Exchange Act
Consumer Credit Protection Act
Federal Deposit Insurance Act
Federal Deposit Insurance Corporation Improvement Act of 1991
Federal Reserve Act
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
International Banking Act of 1978
Protecting Tenants at Foreclosure Act
Revised Statutes of the United States
Securities Exchange Act of 1934
Truth in Lending Act
Dodd–Frank Wall Street Reform and Consumer Protection Act
Titles amended12 U.S.C.: Banks and Banking
15 U.S.C.: Commerce and Trade
Legislative history
  • Introduced in the Senate as "Economic Growth, Regulatory Relief, and Consumer Protection Act" (S. 2155) by Mike Crapo (RID) on November 16, 2017
  • Committee consideration by Banking
  • Passed the Senate with amendment 67–31 on March 14, 2018 ([1])
  • Passed the House 258–159 on May 22, 2018 ([2])
  • Signed into law by President Donald Trump on May 24, 2018

The act was the most significant change to U.S. banking regulations since Dodd–Frank.[5][7][8]

ReferencesEdit

  1. ^ Werner, Erica (May 24, 2018). "Trump signs law rolling back post-financial crisis banking rules". The Washington Post.
  2. ^ Tracy, Ryan; Ackerman, Andrew (May 24, 2018). "Trump Signs Banking Bill, Adding to Regulators' To-Do List". The Wall Street Journal.
  3. ^ Balluck, Kyle (May 24, 2018). "Trump signs Dodd-Frank rollback". The Hill.
  4. ^ Schroeder, Pete (May 24, 2018). "Trump signs bill easing U.S. bank rules into law". Reuters.
  5. ^ a b Pramuk, Jacob (May 24, 2018). "Trump signs the biggest rollback of bank rules since the financial crisis". CNBC.
  6. ^ Michel, Norbert "Crapo Bill Helps Smaller Banks, Highlights Problems with Bank Holding Companies"Forbes March 13, 2018. Retrieved March 14, 2019.
  7. ^ Dexheimer, Elizabeth (May 24, 2018). "Trump Signs Biggest Rollback of Bank Rules Since Dodd-Frank Act". Bloomberg. Retrieved April 27, 2020.
  8. ^ Lawler, Joseph (May 24, 2018). "Trump signs biggest change to Dodd-Frank since its enactment". Washington Examiner.