Shaheen Statement on Senate Bill to Provide Relief for Community Banks and Credit Unions

March 14, 2018

(Washington, DC) — U.S. Senator Jeanne Shaheen (D-NH) issued the following statement after voting in favor of the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act, which passed the Senate by a vote of 67 to 31:

“In New Hampshire, our community banks and credit unions are indispensable to our economy,” said Shaheen. “The Dodd-Frank Act was a historic bill that I was proud to support to hold Wall Street accountable. As with most broad reform legislation, time reveals improvements that need to be made and Dodd-Frank is no exception. Main street lenders did not cause the financial crisis. The bill passed by the Senate today will help provide them reasonable regulatory relief so they can continue to serve Granite State families and businesses.”

Senator Shaheen has consistently fought for measures that protect consumers. As a member of the Small Business Committee, she called on Equifax leadership to disclose how it’s containing the damage caused by the company’s historic cybersecurity breach, and to explain how it will help small business victims. Shaheen also called on the Consumer Financial Protection Bureau to respond to reports that it’s halted its investigation into how Equifax failed to protect the personal data of the hacking victims, which totals an estimated 145 million Americans.

Shaheen voted in favor of the Dodd-Frank Wall Street Reform Act, and cosponsored an amendment to the bill that put in place tough capital standards on banks to ensure that banks won’t seek another bailout. She voted against the Wall Street bailout in Congress and worked to secure the Volcker Rule, which prevents Wall Street banks from gambling with taxpayer dollars.