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| Long title | To promote economic growth, provide tailored regulatory relief, and enhance consumer protections, and for other purposes. |
|---|---|
| Enacted by | the 115th United States Congress |
| Effective | May 24, 2018 |
| Citations | |
| Public law | Pub. L. 115–174 (text) (PDF) |
| Codification | |
| Acts amended | Commodity Exchange Act Consumer Credit Protection Act Federal Deposit Insurance Act Federal Deposit Insurance Corporation Improvement Act of 1991 Federal Reserve Act Financial Institutions Reform, Recovery, and Enforcement Act of 1989 International Banking Act of 1978 Protecting Tenants at Foreclosure Act Revised Statutes of the United States Securities Exchange Act of 1934 Truth in Lending Act Dodd–Frank Wall Street Reform and Consumer Protection Act |
| Titles amended | 12 U.S.C.: Banks and Banking 15 U.S.C.: Commerce and Trade |
| Legislative history | |
| |
The Economic Growth, Regulatory Relief, and Consumer Protection Act (abbreviated EGRRCPA; Pub. L. 115–174 (text) (PDF), S. 2155) was signed into law by President Donald Trump on May 24, 2018.[1][2][3][4] The bill eased financial regulations imposed by the Dodd–Frank Wall Street Reform and Consumer Protection Act after the financial crisis of 2007–2008.
Specifically, the bill raised the threshold from $50 billion to $250 billion under which banks are deemed too big to fail.[5] The bill also eliminated the Volcker Rule for small banks with less than $10 billion in assets.[6]
The Act was the most significant change to U.S. banking regulations since Dodd–Frank.[5][7][8] Barney Frank, leading co-sponsor of the Dodd-Frank Act, said parts of the original law were a mistake and supported the legislation.[9][10][11][12]
- ^ Werner, Erica (May 24, 2018). "Trump signs law rolling back post-financial crisis banking rules". The Washington Post.
- ^ Tracy, Ryan; Ackerman, Andrew (May 24, 2018). "Trump Signs Banking Bill, Adding to Regulators' To-Do List". The Wall Street Journal.
- ^ Balluck, Kyle (May 24, 2018). "Trump signs Dodd-Frank rollback". The Hill.
- ^ Schroeder, Pete (May 24, 2018). "Trump signs bill easing U.S. bank rules into law". Reuters.
- ^ a b Pramuk, Jacob (May 24, 2018). "Trump signs the biggest rollback of bank rules since the financial crisis". CNBC.
- ^ Michel, Norbert "Crapo Bill Helps Smaller Banks, Highlights Problems with Bank Holding Companies"Forbes March 13, 2018. Retrieved March 14, 2019.
- ^ Dexheimer, Elizabeth (May 24, 2018). "Trump Signs Biggest Rollback of Bank Rules Since Dodd-Frank Act". Bloomberg. Retrieved April 27, 2020.
- ^ Lawler, Joseph (May 24, 2018). "Trump signs biggest change to Dodd-Frank since its enactment". Washington Examiner.
- ^ "Barney Frank admits 'mistake' in Dodd-Frank". The Hill. November 20, 2016. Retrieved March 14, 2023.
- ^ "A lot of people heard what Barney Frank said about the new banking law. Few knew he works for a bank". Washington Post. ISSN 0190-8286. Retrieved March 14, 2023.
- ^ Enrich, David (March 13, 2023). "Back-to-Back Bank Collapses Came After Deregulatory Push". The New York Times. ISSN 0362-4331. Retrieved March 14, 2023.
- ^ Bykowicz, Julie (March 13, 2023). "Barney Frank Pushed to Ease Financial Regulations After Joining Signature Bank Board". Wall Street Journal. Retrieved March 14, 2023.