Washington, D.C. – The following is a statement by Aaron Klein, director of the Financial Regulatory Reform Initiative:
“While we were are pleased that both Republicans and Democrats on the Senate Banking Committee offered serious regulatory reform proposals, the Bipartisan Policy Center (BPC) is disappointed that today’s Senate Banking Committee mark-up had a partisan bent.
“We continue to believe there is ample room for both sides to come together and negotiate a bipartisan compromise that would improve the operations and effectiveness of our current financial regulatory system. We note that common sense proposals such as streamlining consumer privacy notices, a provision that BPC supports, were included in both proposals and ultimately passed out of the committee. Other important ideas, such as improving regulatory quality by creating joint exam teams with supervisors from multiple regulators and better targeting regulatory resources by altering the ‘bank SIFI’ threshold deserve consideration by both sides. We encourage Republicans and Democrats to work together to reach a consensus proposal. BPC has proposed several ideas to improve regulatory quality, better target systemic risk regulation, enhance accountability and effectiveness of the Federal Reserve’s and Consumer Financial Protection Bureau’s inspectors general, and examine how our regulators could better coordinate on issues that cross our borders. We stand ready to work with folks from both sides to achieve these objectives.”