Senate Takes Key Procedural Step on Reg Reform Bill, Call Senators Now on S. 2155

The U.S. Senate on Tuesday voted to open debate on S. 2155, the bipartisan regulatory reform bill championed by Senate Banking Committee Chairman Mike Crapo (R-Idaho) and four of his Democratic colleagues. Sen. Crapo last night released a revised version of the bill, which is thought to reflect bipartisan negotiations, includes several clarifications and a number of additional provisions. 

One clarification appears to respond to a talking point of S. 2155 opponents related to the Federal Reserve’s enhanced prudential standards and authority for foreign banking organizations with total assets over $100 billion. Additions to the bill include a set of capital access proposals that have passed the House with bipartisan majorities and new provisions related to student loan borrowers. The revised bill also includes a new provision creating a database to help financial institutions fight synthetic identity fraud and a bipartisan measure introduced in both houses of Congress that would clarify the regulatory treatment of high-volatility commercial real estate loans.

ABA staff will closely review the revised bill text as debate continues. The Senate is expected to begin voting today on amendments to the bill, which includes numerous provisions long advocated by ABA as part of its Blueprint for GrowthRead the revised version of S. 2155

South Dakota's Sen. Mike Rounds is an original co-sponsor of the bill, and Sen. John Thune has also spoke in support of the bill. Watch Sen. Rounds Senate floor speechWatch an interview with Sen. Thune

With S. 2155 on the verge of passing the Senate, ABA is urging bankers to make a continued push to get it across the finish line. As debate continues, opposition groups are increasing pressure on lawmakers to oppose it--making it important for bankers to call their senators and express strong support for passing this common-sense regulatory bill. Call your senators now

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