February 03, 2017

Chairman Crapo Statement on Administration Financial Reforms

WASHINGTON – Senate Banking Committee Chairman Mike Crapo (R-Idaho) issued the following statement regarding reforms to the U.S. financial system announced by the Trump Administration today:   

“I fully support the core principles for regulating the United States financial system that were outlined in the President’s executive order today. Directing the Secretary of Treasury to consult with the heads of the member agencies of the Financial Stability Oversight Council and reporting to the President within 120 days is a step in right direction to get financial regulation right. 

“Since the financial crisis, economic recovery has been thwarted by a seemingly endless introduction of new regulations, without any careful consideration of the cumulative impact of these rules on small businesses, investors and consumers. I have long-said that the financial regulators should review all rules and regulations in an effort to minimize unnecessary burdens on our financial institutions and promote economic growth, while ensuring the safety and soundness of the financial system.

“I am also encouraged by the Administration’s statements indicating that it plans to make housing finance reform a priority. We have the opportunity to fix the flawed status quo in a bipartisan manner and set up a more sustainable, efficient, permanent housing finance system that will provide future economic opportunities for millions of families and individuals throughout America.”