Congressman Andy Barr (KY-06) issued the following statement following Senate passage of S. 2115, the Economic Growth, Regulatory Relief, and Consumer Protection Act, a bipartisan package that would reform the Dodd-Frank Financial Control Law:
“The Dodd-Frank Financial Control Law has been a disaster for customers of community banks and credit unions in Kentucky who have been needlessly denied credit to purchase homes or to start businesses. The House of Representatives has passed dozens of bipartisan bills during this term of Congress that would provide much needed regulatory relief to these community financial institutions that would allow them to better serve their customers. Tonight, the Senate has taken a positive step toward addressing Dodd-Frank’s regulatory overreaches by passing its own bipartisan legislation which includes many reforms, including my Portfolio Lending and Mortgage Access Act. Now the Senate bill will come to the House and I look forward to working with my colleagues towards a final package that reflects the hard work that has been done by both chambers, with the ultimate goal of getting the best bill possible on the President’s desk.”