- Passed House
- To President
- Became Law
Economic Growth, Regulatory Relief, and Consumer Protection Act. This bill amends the Truth in Lending Act to allow institutions with less than $10 billion in assets to waive ability-to-repay requirements for certain residential-mortgage loans; it amends the United States Housing Act of 1937 to reduce inspection requirements and environmental-review requirements; credit reporting agencies to provide credit-freeze alerts; it amends the United States Housing Act of 1937 to revise the Family Self-Sufficiency (FSS) program. Congress.gov
The Economic Growth, Regulatory Relief, and Consumer Protection Act would pare some of those rules back — and many red state and rural Democrats are on board. After the financial crash and Great Recession of 2008–09, a Democratically-controlled Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The bill tightened regulations on the financial institutions which most Democrats believed were primarily responsible for the crash. The vote was largely party line: 98 percent of Senate Democrats in favor, 92 percent of Senate Republicans against. However, most Republicans continue to — and even some red-state or rural Democrats have come to — believe some of the regulations were flawed. In particular, their biggest criticism is that the law made little to no distinction between the massive institutions which contributed to the crash versus the smaller or community-based banks and lenders which didn’t.
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