Comptroller of the Currency Congratulates House on Passage of Important Regulatory Reforms

WASHINGTON—Comptroller of the Currency Joseph M. Otting issued the following statement upon passage by the U.S. House of Representatives of Senate Bill 2155, the "Economic Growth, Regulatory Relief and Consumer Protection Act."

Today is an important day with the House passage of Senate Bill 2155. This bill restores an important balance to the business of banking by providing meaningful reductions of regulatory burden for community and regional institutions while safeguarding the financial system and protecting consumers. I want to express my appreciation to Chairman Hensarling for his strong leadership that led to today's passage of meaningful and bipartisan regulatory reform embodied in Senate Bill 2155, entitled, the "Economic Growth, Regulatory Relief and Consumer Protection Act." I also commend him and the other members of House Financial Services Committee on their foundational work on financial regulatory issues facing our nation, much of which has been incorporated into this common sense legislation.

The bill includes several features that will benefit community banks in particular and are consistent with my priorities as Comptroller, including reducing the number of banks subject to the Volcker Rule and providing a much simpler capital regime for highly capitalized community banks. The bill also will have a positive impact on federal savings associations by providing them with additional flexibility, and on banks that are not designated as systemically important by appropriately raising the threshold for heightened prudential standards and right-sizing stress-testing requirements.

These, and many other reforms included in the bill, will help the federal banking system continue to serve as an engine for creating jobs and economic opportunity. Consumers, businesses, and communities alike will enjoy the benefits of these thoughtful and tailored reforms for many years to come. I look forward to implementing this important legislation once the President signs it, and to the positive impact it will have across the country.