Reforming Finance for Local Economies Act

Bill: 115-s-923
Sponsor: full_name: Sen. Kennedy, John [R-LA]
Introduced: 2017-04-24
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation
Latest action: action_date: 2017-04-24
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-04-24
action_desc: Introduced in Senate
text: <p><strong>Reforming Finance for Local Economies Act</strong></p> <p>This bill exempts banks, credit unions, and savings associations with $10 billion or less in total consolidated assets from all regulations issued under the Dodd-Frank Wall Street Reform and Consumer Protection Act.</p>

tv_txt: II 115th CONGRESS 1st Session S. 923 IN THE SENATE OF THE UNITED STATES April 24, 2017 Mr. Kennedy introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To exempt certain financial institutions from regulations issued under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

1. Short title This Act may be cited as the Reforming Finance for Local Economies Act . 2. Exemption from regulations (a) Definition In this section, the term financial institution means a bank, a credit union, or a savings association, as those terms are defined in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 ), that has not more than $10,000,000,000 in total consolidated assets. (b) Exemption No regulation issued under the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq.) or any amendment made by that Act shall apply to a financial institution.