Unleash America's Potential

Financial Regulatory Reform: Helping America Grow

America's banks help their customers reach their financial goals every day — whether that's buying a home, expanding a small business or saving for retirement — but they want to do even more to open doors of opportunity and lift the U.S. economy.

The good news? Congress recently passed S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, which includes targeted, commonsense changes to the nation's financial rules that will allow banks to better serve their communities, create jobs and grow the economy.

Thanks to this bipartisan group of senators and representatives, all of whom voted YES on S. 2155, America’s banks will soon be able to do even more to help people and places grow.

Why it Matters What People are Saying S. 2155 Highlights See Print Ad

Why it Matters

Rising Compliance Costs Are Contributing to the Shrinking Number of America's Banks

54% of Americans are concerned by the drop in U.S. banks over the last 10 years. Since the Dodd-Frank Act, the number of banks has fallen by over 2,000 while just 7 new banks have started.
Chart showing 10 bank entries for every 1,973 bank exits

Since the passage of the Dodd-Frank Act in July 2010, as of December 31, 2017

Americans Agree: Its Time to Pass Reg Reform

73% of Americans agree nearly 10 years after the financial crisis, Congress and regulatory agencies should reassess the rules for financial institutions and make changes where needed

By a nearly 5-to-1 margin, Americans say the Dodd-Frank Act should be modified to allow financial institutions to better serve their customers and communities

By more than a 4-to-1 margin, Americans say the House should pass the legislation

Source: Morning Consult survey on behalf of ABA, March 2018

What People Are Saying

Quote symbol I think [S. 2155] gives us the tools we need to continue to protect financial stability."

Federal Reserve Board Chairman Jerome Powell, March 1, 2018

Quote symbol The Economic Growth, Regulatory Relief, and Consumer Protection Act is a jobs bill, and it is a much needed solution for the folks who power our local economies."

Sen. Jon Tester (D-MT), March 2018

Quote symbol This proposal makes targeted, commonsense fixes that will provide tangible relief to the community banks that are lifelines for smaller and rural communities. It also strengthens protections for veterans, the elderly and other consumers, and encourages community-based lending to boost economic growth and create jobs."

Sen. Mark Warner (D-VA), October 2017

Quote symbol Without jeopardizing the economy, without jeopardizing the security and soundness of the financial web we have in this country, we're going to get relief to Main Street bankers so they can get back into the business of relationship banking."

Sen. Heidi Heitkamp (D-ND), March 2018

Quote symbol Our bill offers much-needed reforms that will reduce unnecessary burdens on smaller financial institutions so that they can use more of their capital serving customers, rather than complying with federal regulations that were never intended for them."

Senate Banking Committee Chairman Mike Crapo (R-ID), March 2018

Quote symbol [S]mall banks are clearly suffering, and that hurts the local communities they serve. Common sense adjustments to regulations that have unintentionally done harm should not be out of the reach of Congress."

The Detroit News – editorial, March 7, 2018

Quote symbol This banking package is reasonable, balanced, and the result of thoughtful negotiation and compromise…. And it's an example of what we can achieve when we work together to break the gridlock in Washington."

Sen. Joe Donnelly (D-IN), March 8, 2018

Quote symbol Community banks face substantial regulatory burdens.... It's very appropriate for the Fed and other bank regulators to look at ways to reduce the compliance burdens they face."

Federal Reserve Board Chair Janet Yellen, November 2017

Quote symbol The [bill] is a good starting point for preserving what has worked well in Dodd-Frank and building on the landmark financial reform law in areas where it has not worked well."

Bipartisan Policy Center, March 2018

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The American Bankers Association is the voice of the nation's $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.