Economic Growth, Regulatory Relief, and Consumer Protection Act
United States Law / From Wikipedia, the free encyclopedia
The Economic Growth, Regulatory Relief, and Consumer Protection Act (abbreviated EGRRCPA; Pub. L. 115–174 (text) (PDF), S. 2155) was signed into law by President Donald Trump on May 24, 2018.[1][2][3][4] The bill eased financial regulations imposed by Dodd–Frank Wall Street Reform and Consumer Protection Act after the financial crisis of 2007–2008.
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| Long title | A bill to promote economic growth, provide tailored regulatory relief, and enhance consumer protections, and for other purposes. |
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| Enacted by | the 115th United States Congress |
| Effective | May 24, 2018 |
| Citations | |
| Public law | Pub. L. 115–174 (text) (PDF) |
| Codification | |
| Acts amended | Commodity Exchange Act Consumer Credit Protection Act Federal Deposit Insurance Act Federal Deposit Insurance Corporation Improvement Act of 1991 Federal Reserve Act Financial Institutions Reform, Recovery, and Enforcement Act of 1989 International Banking Act of 1978 Protecting Tenants at Foreclosure Act Revised Statutes of the United States Securities Exchange Act of 1934 Truth in Lending Act Dodd–Frank Wall Street Reform and Consumer Protection Act |
| Titles amended | 12 U.S.C.: Banks and Banking 15 U.S.C.: Commerce and Trade |
| Legislative history | |
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Specifically, the bill raised the threshold from $50 billion to $250 billion under which banks are deemed too big to fail.[5] The bill also eliminated the Volcker Rule for small banks with less than $10 billion in assets.[6]
The Act was the most significant change to U.S. banking regulations since Dodd–Frank.[5][7][8] Barney Frank said parts of the original Dodd Frank act were a mistake and supported the legislation.[9][10][11][12]