Financial Services Regulatory Reform Legislation: Senate Approves Bipartisan Regulatory Reform Bill

Sullivan & Cromwell LLP - March 18, 2018

Last Wednesday, the United States Senate approved, by a vote of 67 to 31, the “Economic Growth, Regulatory Relief, and Consumer Protection Act” (the “Senate Bill”), which includes certain limited amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) and other targeted modifications to various post-crisis regulatory requirements.  In addition, the Senate Bill would establish new consumer protections and amend various securities- and investment company-related requirements.  Although this bipartisan legislation sponsored by Senate Banking Committee Chairman Mike Crapo (R-ID) would preserve the foundations of the post-Dodd-Frank regulatory framework, it includes some significant modifications and, if enacted, would result in meaningful regulatory relief, in particular, for smaller and certain regional banking organizations.