Lucas Applauds Fed’s Continued Deregulation of Dodd-Frank
Washington, D.C. – Congressman Frank Lucas (OK-03) released the following statement after the Federal Reserve Board finalized rules that tailor regulations for domestic and foreign banks to more closely match their risk profiles better serving customers and communities:
“Ensuring that our financial institutions are guided by tailored regulatory requirements rather than a stringent one-size-fits-all approach not only better serves a bank’s customers, but it also promotes economic growth in communities across the nation.
Since the passage of S. 2155- the Economic Growth, Regulatory Relief, and Consumer Protection Act, my colleagues and I have made clear that right-sizing burdensome regulations should remain a priority. Today’s action by the Federal Reserve Board improves supervision by appropriately regulating institutions based off their risk, while effectively applying financial stability rules on an asset-sized basis.
I applaud the Federal Reserve Board’s actions in developing a regulatory framework that more closely fits an individual bank’s business model allowing for institutions to better serve our growing communities.”