Finally! Senate Bill 2155 became the law of the land upon President Trump’s signature on Friday, May 25th . A great way to end a great week as earlier the House brought S.2155 to the floor which passed by a vote of 258-159 including the support of 33 moderate Democrats. This very welcome relief has long been in the making as ICBND and ICBA and their member banks for years have fought for regulation that is tiered to the size, risk, complexity and business model of community banks. This bill represents the first significant “walk back” of Dodd-Frank. It’s a heck of a start, but there’s a whole bunch more regulatory relief needed. You have to like the momentum though!
ICBND sincerely thanks Senator Heitkamp, Senator Hoeven, and Congressman Cramer for their votes in support of this legislation. A special thanks to Senator Heitkamp. When things seemed to be falling apart after Ranking Committee member Brown divorced himself of the bill when went on counterattack, Senator Heitkamp took a lead role in reviving it and rallying support from her Senate colleagues on both sides of the aisle.
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