On March 15-16, 2016, at an American Bankers’ Association Conference in Washington, DC, US Senate Banking Committee Chairman Richard Shelby and US House of Representatives Financial Services Committee Chairman Jeb Hensarling both raised concerns regarding the current regulatory regime and certain requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other things, Chairman Shelby addressed the costs and burdens of financial regulation under the Dodd-Frank Act, specifically criticizing the $50 billion threshold for identifying systemically important financial institutions, and noted plans to continue to push his regulatory relief bill, The Financial Regulatory Improvement Act of 2015, through the Senate. Chairman Hensarling also outlined proposed legislation that would reform the Dodd-Frank Act, including eliminating certain Dodd-Frank Act and Basel III requirements for banks that hold higher levels of capital.
Chairman Shelby’s remarks are available at:http://www.banking.senate.gov/public/index.cfm/republican-pressreleases?ID=42698066-A7A2-4D3D-9B57-6FAE242E05F4.
Coverage of Chairman Hensarling’s remarks is available at: http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=400461.