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U.S. Senator David Perdue (R-GA), a member of the Senate Banking Committee, joined Republicans and Democrats in passing the most significant rollback of financial regulations since Dodd-Frank was enacted.

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The Dodd-Frank regulations were designed to limit widespread risk in the financial system and to solve the problem of large financial institutions that expect government bailouts because they are “too big to fail.” It also created new regulatory oversight and consumer protections by creating the new regulatory agency known as the Consumer Protection Financial Bureau (CPFB).

The Economic Growth, Regulatory Relief and Consumer Protection Act, provides regulatory relief for Georgia’s community banks, credit unions, mid-sized banks, regional banks, and custody banks, none of whom contributed to the financial crisis of 2008. The proposal also improves important consumer protections, particularly for veterans, senior citizens, and victims of fraud. The bill passed the Banking Committee with a bipartisan vote of 16-7, and can be viewed here.

“This is a huge win for America’s small businesses and will promote economic growth. At a time when it seems Washington cannot agree on much, this was a major bipartisan action in the U.S. Senate to roll back significant Dodd-Frank provisions. This is one step closer to unraveling the current regulatory environment that has hurt Georgia’s community and regional banks for too long. We will continue working with Secretary Mnuchin and the Trump Administration to eliminate even more harmful regulations for consumers and business.” – Sen. David Perdue. 

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Jeremy Spencer is currently the market and content manager for All on Georgia-Camden  and Glynn Counties. Jeremy’s focus will be local news, statewide education issues, and political commentary for the All on Georgia News Network. Jeremy has served as a education policy analyst for local legislators and state education leaders as well as a campaign strategist for local and statewide political campaigns.

Jeremy grew up in rural Southern Georgia and he has served as a healthcare provider, high school science teacher, and a state education official.  Jeremy holds degrees in science and education from the University of Georgia, Piedmont College, and Valdosta State University. He and his wife have lived in Camden County for 16 years and they have two teenage children. Jeremy and his family attend Christ Church Camden in Kingsland, GA.

camden@allongeorgia.com

 

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