WASHINGTON, DC – Senator Jon Tester (D-MT) says a banking reform bill should help small banks and credit unions across the state but will leave critical consumer protection measures in place.
Sen. Tester supports the bipartisan bills which would exempt some banks from 2010 Dodd-Frank regulations enacted after the 2008 financial crisis. Critics say the bill goes too far, but Sen. Tester says it doesn’t eliminate rules for what he calls “Wall Street fat cats.”
“Our bill provides small and mid-sized banks and credit unions with more flexibility to meet the unique needs of communities that they serve…It helps small businesses and start-ups secure the funding that they need to grow their businesses and create more jobs. And it protects the small banks that serve as the cornerstones of rural communities from being eaten alive by the big boys on Wall Street,” Sen. Tester said.
Tester is one of several Democrats who’ve teamed up with Republicans to craft the compromise bill, to help community banks survive.
Sen. Steve Daines (R-MT) also supports the bill. A vote could come Thursday.