House Republicans eager for more regulatory relief for banks are testing the patience of the banking industry.
A prominent trade group called on House leadership Monday to hurry up and pass the Senate version of a major bank relief bill, rather than holding out for additional bipartisan changes sought by House Financial Services Chairman Jeb Hensarling, R-Texas.
“We believe now is the time to get S. 2155 to the president’s desk for his signature,” the heads of the American Bankers Association wrote in a letter to House leaders. “We therefore urge the House to move on S. 2155 as soon as possible.”
The Senate bill, S. 2155, is a package of measures that would provide relief from some of the 2010 Dodd-Frank regulations for small and regional banks. It cleared the upper chamber in March with the support of 17 Democrats.
In the House, though, Hensarling said he wanted negotiations with the Senate about reconciling the Senate package with more bills that passed the House on a bipartisan basis — and that he had the assurances of House Speaker Paul Ryan, R-Wis., that the Senate bill wouldn’t get a vote in the House until the Senate negotiated with him.
That approach split Senate Republicans and drew some criticism from bankers, who raised the fear that asking Senate Democrats to sign off on any additional deregulatory provisions could sink the entire bill.
On Monday, the bankers’ group noted that the Senate bill includes a number of measures that originated in the House.
“While we applaud and support the desire in the House to do even more to improve financial rules for the benefit of the American people, we believe S. 2155 will make a very real difference to community banks across the country,” wrote the group’s president, Rob Nichols, and its chairman, Kenneth Burgess. “It is on the verge of enactment due in no small part to the actions and the efforts of House lawmakers. “
