On the recordMarch 14, 2018
today I wish to discuss the Economic Growth, Regulatory Relief, and Consumer Protection Act. While I would welcome regulatory reform for the small banks and credit unions in Minnesota that didn't cause the financial crisis, I'm concerned that this bill is a missed opportunity to improve consumer protection and that it reduces the regulatory oversight of larger banks, which could increase systemic risk in the financial system and put taxpayers on the hook for future bailouts. I have long believed that Minnesota's community banks and credit unions play a vital role in our communities and are deserving of regulatory relief. I was one of the first Democrats to support legislative action in past Congresses and helped develop and champion numerous proposals for reform for the community banks and credit unions. Unfortunately, title IV of the bill, especially section 401, which raises the asset threshold for enhanced supervision from $50 billion all the way to $250 billion, goes too far and threatens to increase systemic risk. The community banks and credit unions in Minnesota with which I have spoken in recent weeks have acknowledged they would have preferred a bill that was limited to regulation that directly affected them, and I would have welcomed the opportunity to cast a vote in favor of such a bill, but I will not vote in favor of this bill. Thank you.
