Ms. Joanne Murphy
6026 North Francisco Avenue
Chicago, IL 60659-2527
Dear Ms. Murphy:
Thank you for contacting me regarding the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). I appreciate hearing from you.
The Economic Growth, Regulatory Relief, and Consumer Protection Act, introduced by Senator Mike Crapo of Idaho, would relax a number of financial regulations passed under the Dodd-Frank Act of 2010.
In the wake of the country's worst economic downturn in generations, then-President Obama and Congress worked to rebuild the nation. One of the major steps we took was to enact commonsense reforms of the financial system, putting an end to some of the worst practices that helped bring the economy to its knees. We worked in a bipartisan way to enact the most significant reforms of our financial sector since the Great Depression, keeping the needs of hardworking Americans in mind every step of the way.
Regarding regulations, Congress and federal agencies should help to ensure businesses operate in a climate supportive of economic growth. However, we also must continue to safeguard strong consumer financial protection measures. Our nation cannot afford to undo the important reforms we made to our financial system and return to the risky practices that lead to the recession of 2008.
On December 18, 2017, the Senate Committee on Banking, Housing, and Urban Affairs reported the Economic Growth, Regulatory Relief, and Consumer Protection Act favorably, and it was placed on the Senate Legislative Calendar. I appreciate knowing your views and will keep them in mind as I continue to work for responsible regulations that enable economic growth while preserving consumer protection and economic security.
Thank you again for contacting me. Please feel free to keep in touch.
Sincerely,
Richard J. Durbin
United States Senator
RJD/jf
Now…. Can any of you fine folks discern from this letter how Dick is going to vote? Yeah, me neither.
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