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CRS – Banking Policy Issues in the 117th Congress

Banking Policy Issues in the 117th Congress, March 2, 2021: “Over the past 14 years, banking has experienced significant events and changes and has regularly been the subject of policymaker initiatives and debates. In response to the 2007-2009 financial crisis, Congress—primarily through the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act; P.L. 111-203)—and bank regulators,using new and existing authorities, increased bank regulation. While some observers view those changes as necessary and effective, others argued that certain regulations were unjustifiably burdensome. To address those concerns, the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (P.L. 115-174) relaxed certain regulations. Opponents of that legislation argue that it unnecessarily pared back important safeguards, while proponents of deregulation argue that additional measures are needed. More recently, the Coronavirus Disease 2019 (COVID-19) pandemic has created unprecedented economic conditions that could stress the banking industry. As a result, the 117th Congress faces many issues related to banking, including…”

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