Senate Banking Chairman Calls for Bipartisan Approach to Financial Reform

Mike Crapo (R-Idaho), Chairman of the Senate Banking Committee, said last week that reducing federal financial regulation was the top priority of the Committee, according to an InvestmentNews article.

Sen. Crapo, while speaking at FINRA's annual conference in Washington, said of financial reform, "it's becoming as big an issue as the tax code and the national debt in terms of big ticket issues we need to face and deal with in America. Our goal should be to promote smart, efficient, better regulation, not just more regulation."

He pointed to President Trump's executive order on the review of financial rules as an example of momentum building around the issue. "We will have a strong grounding from which to build a common-sense financial regulation reform process in America," he said. "My goal this Congress is to work in a bipartisan manner with members of the Senate Banking Committee, the administration, with [House Financial Services Committee] Chairman [Jeb] Hensarling [R-Texas] and with the regulators to strike a smart balance with thoughtful regulation that promotes economic growth."

Crapo's insistence on "bipartisan support for [the] legislation" could cause problems in the Senate for Chairman Hensarling's bill that would overhaul the Dodd-Frank financial reform bill. Hensarling's bill was recently approved in a party-line vote in Committee and could reach the House floor as soon as the week of June 5th.

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