Statement by Rep. Webster on Trump Signing Regulatory Relief Bill for Consumers, Small Businesses and Community Banks
Washington, DC -- Congressman Daniel Webster, R-Clermont, released the following statement after President Trump signed S. 2155, The Economic Growth, Regulatory Relief, and Consumer Protection Act into law.
“As a small business owner, I understand the importance of fair competition, and S. 2155 ensures equal opportunity in the financial sector. This a step in the right direction to removing unnecessary and burdensome regulations that strain small businesses and community financial institutions.
“The Dodd-Frank Act remains responsible for the largest increase in bureaucratic red-tape in history and has resulted in the slowest economic recovery since WWII. These regulations disproportionately burden small companies and prevent them from competing because they are one-size-fits-all regulations written by the big banks.”
“I thank Rep. Jeb Hensarling for his focused work on the more than 40 House bills that are included in this Senate bill. I also thank President Trump for signing this bill into law so quickly.”
Background on Senate Bill 2155:
S. 2155 provides more choices to both consumers and small businesses when it comes to accessing capital, the fuel for a growing and thriving economy. The bill corrects many financial blunders of the Dodd-Frank Act, specifically the heavy regulatory burdens placed on both lenders and small businesses that led to the anemic growth of the Obama years. Included in this legislation is relief for consumers trying to access credit, added protections for veterans, and increased access for Americans to access mortgage credits.