Rounds Applauds Banking Committee Passage of Regulatory Reform Bill

WASHINGTON—U.S. Senator Mike Rounds (R-S.D), a member of the Senate Committee on Banking, Housing and Urban Affairs, applauded today’s passage of “The Financial Regulatory Improvement Act of 2015” out of committee.

“I am pleased to see this important legislation move forward,” said Rounds. “The bill passed through committee today will provide much-needed regulatory relief to the financial services industry and the consumers they serve. South Dakota’s banking industry has been hit hard by rules stemming from Dodd-Frank, spending too much time and money on regulatory compliance. Our bill seeks to roll back of some of the ‘one-size-fits-all’ regulations within Dodd-Frank - a major win for South Dakota’s financial institutions. I hope my colleagues on both sides of the aisle will work together to pass this important legislation when it comes to the floor later this year.”

The Financial Regulatory Improvement Act of 2015 would mark the biggest reform of the Dodd-Frank Act since its enactment in 2010. It includes changes to federal mortgage rules to improve borrowers’ access to credit, particularly in rural areas, and will reduce the level of risk in the financial system.