S. 2155, Most Significant Pro-Growth Financial Regulatory Reform in a Generation – by Ronald Woessner

 

This article discusses the “Economic Growth, Regulatory Relief and Consumer Protection Act” became Public Law No: 115-174, which is the most significant pro-growth financial regulatory reform package since the passage of Gramm-Leach-Bliley nearly a generation ago.  For a discussion of the most significant pro-growth capital formation legislation currently pending in Congress, see the articles Business JOBS Act 3.0 Legislation Pending in House and JOBS 3.0 Capital Formation Legislation Pending in US Senate! and JOBS 3.0 Capital Formation Legislation Pending in US Senate (2nd).

Although the bill was designated as S,2155, where the “S” signifies that the final bill was a Senate legislative vehicle, much of the bill is comprised of legislative work of the House of Representatives.  It was reported that approximately half of the bill – including ¾ of the regulatory relief provisions and nearly 90% of the capital formation provisions – originated in the House of Representatives. A number of the following House-originated provisions were included in S. 2155:

  • H.R. 2226, the “Portfolio Lending and Mortgage Access Act,” sponsored by Representative Andy Barr (R-KY).
  • H.R. 2255, the “Housing Opportunities Made Easier (HOME) Act,” sponsored by Representative David Trott (R-MI).
  • H.R. 2954, the “Home Mortgage Disclosure Adjustment Act,” sponsored by Representative Tom Emmer (R-MN).
  • H.R. 389, the “Credit Union Residential Loan Parity Act,” sponsored by Representative Ed Royce (R-CA).
  • H.R. 2948, the “S.A.F.E. Mortgage Licensing Act,” sponsored by Representative Steve Stivers (R-OH).
  • H.R. 1699, the “Preserving Access to Manufactured Housing Act of 2017,” sponsored by Representative Andy Barr (R-KY).
  • H.R. 3971, the “Community Institution Mortgage Relief Act of 2017,” sponsored by Representative Claudia Tenney (R-NY).
  • H.R. 2403, the “Keeping Capital for Local Underserved Communities Act of 2017,” sponsored by Representative Gwen Moore (D-WI).
  • H.R. 3093, the “Investor Clarity and Bank Parity Act,” sponsored by Representative Michael Capuano (D-MA).
  • H.R. 4725, the “Community Bank Reporting Relief Act,” sponsored by Representative Randy Hultgren (R-IL).
  • H.R. 1426, the “Federal Savings Association Charter Flexibility Act of 2017,” sponsored by Representative Keith Rothfus (R-PA).
  • H.R. 4771, the “Small Bank Holding Company Relief Act of 2018,” sponsored by Representative Mia Love (R-UT).
  • H.R. 5076, the “Small Bank Exam Cycle Improvement Act of 2018,” sponsored by Representative Claudia Tenney (R-NY).
  • H.R. 1457, the “MOBILE Act of 2017,” sponsored by Representative Scott Tipton (R-CO).
  • H.R. 2148, the “Clarifying Commercial Real Estate Loans Act,” sponsored by Representative Robert Pittenger (R-NC).
  • H.R. 2683, the “Protecting Veterans Credit Act of 2017,” sponsored by Representative John Delaney (D-MD).
  • H.R. 3758, the “Senior Safe Act of 2017,” sponsored by Representative Kyrsten Sinema (D-AZ).
  • H.R. 4258, the “Family Self Sufficiency Act,” sponsored by Representative Sean Duffy (R-WI).
  • H.R. 898, the “Credit Score Competition Act of 2017,” sponsored by Representative Ed Royce (R-CA).
  • H.R. 2121, the “Pension, Endowment, and Mutual Fund Access to Banking Act,” sponsored by Representative Keith Rothfus (R-PA).
  • H.R. 1624, the “Municipal Finance Support Act of 2017,” sponsored by Representative Luke Messer (R-IN).
  • H.R. 4546, the “National Securities Exchange Regulatory Parity Act,” sponsored by Representative Ed Royce (R-CA).
  • H.R. 1312, the “Small Business Capital Formation Enhancement Act,” sponsored by Representative Bruce Poliquin (R-ME).
  • H.R. 1219, the “Supporting America’s Innovators Act of 2017,” sponsored by Representative Patrick McHenry (R-NC).
  • H.R. 1257, the “Securities and Exchange Commission Overpayment Credit Act,” sponsored by Representative Gregory Meeks (D-NY).
  • H.R. 1366, the “U.S. Territories Investor Protection Act of 2017,” sponsored by Representative Nydia Velazquez (D-NY).
  • H.R. 1343, the “Encouraging Employee Ownership Act of 2017,” sponsored by Representative Randy Hultgren (R-IL).
  • H.R. 2864, the “Improving Access to Capital Act,” sponsored by Representative Kyrsten Sinema (D-AZ).
  • H.R. 4279, the “Expanding Investment Opportunities Act,” sponsored by Representative Trey Hollingsworth (R-IN).
  • H.R. 3221, the “Securing Access to Affordable Mortgages Act,” sponsored by Representative David Kustoff (R-TN).
  • H.R. 4790, the “Volcker Rule Regulatory Harmonization Act,” sponsored by Representative French Hill (R-AR).
  • H.R. 4028, the “PROTECT Act of 2017,” sponsored by Representative Patrick McHenry (R-NC).
  • H.R. 385, a bill to amend the Expedited Funds Availability Act to clarify the application of that Act to American Samoa and the Northern Mariana Islands, sponsored by Representative Aumua Amata Coleman Radewagen (R-AS).

####

Mr. Woessner’s bio appears here.

Author: Ron

Ron Woessner of Dallas, Texas is former Senior Counsel to the Financial Services Committee of the US House of Representatives where he was special advisor to the Chairman for capital markets and fintech matters. He founded Microcap Strategies building upon his 25+ years' legal and operational experience in the smaller-cap and startup company ecosphere in the capacity of General Counsel to two NASDAQ-listed companies and CEO of an OTC-traded company that he up-listed to NASDAQ.  He currently mentors and advises companies in the start-up and smaller-cap company ecosphere and helps them raise capital through Regulation CF crowdfunding and other means. He also advocates in Washington DC for policies that create a more hospitable public company environment for smaller-cap companies, enhance capital formation, promote entrepreneurship, and increase upward mobility for all Americans, particularly minorities. Mr. Woessner, a certified Toastmaster, speaks and writes about US public and private capital markets topics and his articles are published at www.equities.com and elsewhere. For more information on Mr. Woessner's background or to contact him about a speaking engagement, see his Linked In profile at https://www.linkedin.com/in/ronald-woessner-3645041a/