May 21, 2015

Brown, Committee Democrats Oppose Sweeping Banking Overhaul That Rolls Back Wall Street Reform

Democrats Urge Targeted Relief for Community Lenders, Stronger Consumer Protections

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – today voted against a broad financial services deregulation package during a Banking Committee markup. The legislation, which the committee approved on a party-line vote, would undermine sensible consumer protections and rules for large banks and nonbanks under the guise of helping Main Street financial institutions.

“There is strong bipartisan consensus to help Main Street financial institutions, but it won’t happen at the expense of rolling back Wall Street reform,” Brown said. “There is no legitimate reason why Democrats and Republicans can’t pass targeted legislation today that would give community banks and credit unions relief and be signed into law. Community lenders shouldn’t be held hostage to an ideological attack on the Wall Street reform law.”

During the markup, all 10 of the Banking Committee Democrats supported an alternative proposal that would provide targeted regulatory relief for community banks and credit unions, while strengthening consumer protections. Every Democrat voted against the Republican bill.

The text of the Democratic alternative is available here.

A section-by-section summary is available here.