In a blog, U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness discussed how the current regulatory environment is harming economic growth and noted how H.R. 3312 would rectify this.
“The tortured legislative history of the $50 billion threshold reveals it to be something of a drafting error, mistakenly written into law as competing proposals and draft bills were compiled into the final, 848-page Dodd-Frank Act. Fortunately, there is now a broad consensus that this arbitrary and groundless number misses the mark. Regulators and members of Congress–including even ardent supporters of tough regulation–have called for reconsideration of this broken policy.
“Representative Blaine Luetkemeyer (R-Mo.), the chairman of a key subcommittee of the House Financial Services Committee, introduced a bipartisan bill that rethinks how we approach supervision and prudential standards. Rather than the arbitrary and groundless asset threshold, the bill uses logical criteria: assess a bank’s risk profile on its size, interconnectedness, substitutability, complexity, and cross-jurisdictional activity.”
Continue reading at U.S. Chamber’s site