McCaskill, Luetkemeyer team on bill to reduce regulatory burden on regional banks

(From Sen. Claire McCaskill)

It doesn't matter whether an idea comes from a Democrat or a Republican—a good idea is a good idea, which is why I'm teaming up with Republican Congressman and fellow-Missourian Blaine Luetkemeyer to get his bill to lower regulatory burdens on smaller regional banks one step closer to becoming law.

After the 2008 financial crisis, massive reforms were set up to protect consumers and our economy and make sure that a crisis like that never happened again. 

Those reforms were important and necessary, but even the architects of that plan acknowledged that smaller, regional banks—the ones that have been in our communities and on our main streets for decades—have been unnecessarily hit hard by the new requirements.

The bill that Congressman Luetkemeyer has introduced in the U.S. House—and which I recently introduced in the Senate with Republican Senator David Perdue from Georgia—would ease these burdens by allowing the Federal Reserve to exempt regional banks from regulations that limit their lending ability.

This is a commonsense fix to help our small regional banks, and I'm glad to help Congressman Luetkemeyer get this bill across the finish line.

CLICK HERE to learn more about our bipartisan bill to help regional banks.