The following is a statement from Regional Bank Coalition spokesperson Matt Well in response to President Trump’s executive order on financial regulatory reform, signed earlier this afternoon:
“We welcome President Trump’s executive order mandating a review of our current financial laws, including Dodd-Frank, in order to bring about a smarter, safer, and sounder financial system. Including tailored regulations as a core principle in this review will ensure institutions are held to appropriate standards while still encouraging growth. Dodd-Frank’s one-size-fits-all approach for all institutions above $50 billion has created an improperly calibrated environment that harms our institutions and our customers. Regulations determined on asset size alone fail to take into account a bank’s full risk profile and do not promote economic growth, which is needed in these critical years post-recession.
“As tailored regulations have always been a goal of RBC’s, we reiterate our support for H.R. 6392, which passed the House in December 2016 with bipartisan support. Utilizing a multi-factored approach to risk creates a properly calibrated environment that holds the riskiest banks to higher standards while helping less risky institutions, like regional banks, to focus on what they do best: lending and serving their customers.”