The U.S. Senate voted Wednesday to pass S. 2155, which is a reform of Dodd-Frank that could include some added wiggle room for industry professionals.
The bill is dubbed the “Economic Growth, Regulatory Relief, and Consumer Protection Act.”
S. 2155 passed in a bi-partisan vote – as reported by various news services and the Congressional information websites – by a vote of 67 to 31.
The White House praised the Senate passage of the bill, which it said shields financial institutions from “excessive regulation,” per Yahoo.
House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement to MHProNews.
“I want to congratulate Chairman Crapo and the Senate for putting together and passing a package of helpful bipartisan banking bills. I look forward to combining them with our helpful House bipartisan banking bills and getting that combined bill to the President’s desk. We must provide much needed regulatory relief to our community financial institutions so they can help finance homes, cars, small businesses, and our constituents’ American dreams.”
“Passage of this bill is a big win for Main Street in rural America and our families, farmers, and small businesses,” said Senator Heidi Heitkamp, a Democrat who is up for re-election this year in North Dakota, a state that president Trump won by a wide margin in his 2016 presidential race. Other Democrats who signed and are facing reelection challenges in ‘red states’ or states that went for the president in 2016 have taken similar positions.
The bill faces opposition from most Democrats, and from the so-called non-profit consumer groups that represent numbers of manufactured home owners. So, the final form of the bill is far from certain.
The measure must now be reconciled in conference with the House, before it can go to President Donald Trump’s desk to be signed into law. ## (News, analysis, and commentary.) (News, analysis and commentary.)
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.
Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.