Washington, D.C. – The following is a statement by Aaron Klein, director of the Financial Regulatory Reform Initiative:
“The Bipartisan Policy Center (BPC) applauds Senator Sherrod Brown (D-OH) for proposing an alternative regulatory reform package. BPC is particularly pleased to see that both Sens. Brown and Richard Shelby’s (R-AL) bills include several provisions drawn from bipartisan legislation, such as privacy notice bill introduced by Sens. Jerry Moran (R-KS) and Heidi Heitkamp (D-ND), which BPC supports. We take encouragement from the fact that there are several areas where both Sen. Brown and Shelby appear to be on the same page, including allowing banks that are under $1 billion in assets (but above $500 million) to have a longer cycle between examinations by regulators.
“This marks the beginning of crucial legislative negotiations. We believe that there are additional ideas that could be incorporated into the negotiations, including elements to provide regulatory relief for small and regional banks, hold the Federal Reserve and Consumer Financial Protection Bureau more accountable, and improve international regulatory coordination. We believe that these ideas can garner bipartisan support and hope that lawmakers will give them serious consideration as negotiations continue. While observers fear the markup will be a partisan battle, we believe that there is ample room for Democrats and Republicans on the Senate Banking Committee to find common ground and form the basis of a bill that can be reported to the full Senate with bipartisan support.”