The following is a statement from Regional Bank Coalition spokesperson Matt Well in response to the floor vote on the Systemic Risk Designation Improvement Act (H.R. 6392), which today passed a vote in the House 254-161 with bipartisan support:
“Regional banks play a critical role in the American economy, lending billions of dollars to consumers and small and medium-sized businesses across the country, and regulations should not impede their ability to serve their customers. The Systemic Risk Designation Improvement Act (H.R. 6392) is an important piece of legislation in appropriately tailoring regulations to a bank’s risk level, based on several factors instead of just an arbitrary asset threshold. The current one-size-fits-all regulations fail to account for the very differences between regional banks and their Wall Street counterparts, ultimately reducing capital available to lend and making it harder for the country’s economy to thrive.
“Regional banks are proud to support millions of consumers and business owners in achieving their dreams, but recognize the current system does not work. We applaud the House for advancing this legislation and look forward to working with Congress to provide relief for regional banks and, therefore, to Main Streets around the country.”