Joint Letter to Senate Majority Leader McConnell

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S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” would be the first major banking bill considered by the full Senate following passage in 2010 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Senate considered this 2010 measure in countless hearings, committee votes, floor debate and floor votes that spanned nearly a year. S. 2155 should at least be afforded full consideration of amendments.

This bill contains substantive, controversial provisions that deserve vigorous public debate, with supporters and dissenters allowed to voice their concerns. The financial crash of 2008 cost millions of Americans their homes, jobs and savings. Americans deserve robust Senate consideration of any relaxation of these 2010 reforms, with a chance for amendments.

Numerous organizations, including those signing this letter, oppose these changes. Bank regulators and scholars have also registered opposition. These concerns should be aired, and bill sponsors should be allowed to respond to them, and where appropriate, adopt amendments. We believe an open process will well serve the public interest with full floor consideration of S. 2155.