“This bill is a much-anticipated step forward in reforming the most onerous regulations of The Dodd-Frank Wall Street Reform and Consumer Protection Act, which have proven detrimental to our country’s banking system and long-term economic growth.”

AAF’s Meghan Milloy outlines the benefits of the banking-reform bill expected to pass the House of Representatives this week. The Dodd-Frank financial reform law has burdened the entire economy, with small and medium-sized banks especially feeling the burden. Since it passed, Dodd-Frank has imposed $38.9 billion in regulatory costs and nearly 83 million paperwork-burden hours, with the number of small and medium-sized loans dropping significantly, Milloy notes. The banking-reform bill creates a new, less burdensome regulatory framework that will strengthen the economy.

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