Rounds Supports Bipartisan Agreement on Economic Growth Legislation
Bill Includes Six of Rounds’ Provisions
WASHINGTON—U.S. Sen. Mike Rounds (R-S.D.), a member of the Senate Committee on Banking, Housing and Urban Affairs, is an original cosponsor of a bipartisan proposal released by the committee this week to improve our nation’s financial regulatory framework and promote a healthy economy.
“In South Dakota, our banks and credit unions play a vital role in helping businesses thrive,” said Rounds. “They help families fulfill their dreams of homeownership, buying a new car or saving for the future. Relieving our financial institutions from unnecessary regulatory burdens will increase credit access for South Dakotans across the state. Our proposal would begin the process of rolling back some of Dodd-Frank’s ‘one-size-fits-all’ regulations that are hurting our financial institutions and would allow them to once again be able to grow and support their communities.”
The proposal includes six provisions that Rounds has introduced:
- The Home Mortgage Disclosure Adjustment Act, which provides small banks and credit unions with data reporting relief;
- Relief from Dodd-Frank capital rules that allows banks to count high-quality municipal bonds toward capital requirements, providing help to both banks and local governments that issue debt;
- Relief from the supplemental leverage ratio (SLR) for custody banks that service organizations like mutual funds and state and local pension plans;
- Provisions in the Community Bank Access to Capital Act that would:
- Free small banks from having to complete arduous and expensive tests mandated by Dodd-Frank;
- Make it easier for banks with less than $3 billion in assets to raise capital and grow;
- The Protecting Veterans Credit Act, which protects the credit of veterans who are awaiting delayed payments from the VA Choice program; and
- Rural appraisal relief for cases when borrowers apply for a loan less than $400,000 and have trouble finding a qualified appraiser.
In addition to Rounds, the bipartisan agreement is co-sponsored by Sens. Mike Crapo (R-Idaho), Bob Corker (R-Tenn.), Tim Scott (R-S.C.), Tom Cotton (R-Ark.), David Perdue (R-Ga.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Jerry Moran (R-Kan.), Joe Donnelly (D-Ind.), Heidi Heitkamp (D-N.D.), Jon Tester (D-Mont.), Mark Warner (D-Va.), Tim Kaine (D-Va.), Angus King (I-Maine), Joe Manchin (D-W.Va.), Claire McCaskill (D-Mo.) and Gary Peters (D-Mich.).
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