A key Senate Democrat said he intends to maintain the push for bipartisan banking regulation overhaul legislation even though talks between Senate Banking Committee leaders have broken down.
“I still believe we have an opportunity to negotiate a bipartisan regulatory relief package for community financial institutions, while protecting consumers and ensuring the safety of our financial system,” said Sen. Joe Donnelly (D-Ind.).
Senate Banking ranking Democrat Sherrod Brown (D-Ohio) said earlier this week that his talks with Chairman Mike Crapo (R-Id.) have ended without an agreement on legislation. He said that he could not agree to gut “protections for working people and taxpayers.”
However, Donnelly said there still is an opening for a deal.
“I remain committed to continuing to work with my colleagues on the Senate Banking Committee to relieve community banks and credit unions that have been unduly burdened by rules intended to hold Wall Street accountable,” he said.
Crapo said he too would continue to push for a bipartisan deal, which would be necessary to clear a 60-vote hurdle in the Senate.
CUNA Chief Advocacy Officer Ryan Donovan said the breakdown in talks is “disappointing but not surprising.” He said he hopes that committee members will continue to push for bipartisan legislation.
Donnelly was one of four Democratic members of the Banking Committee to send Crapo and Brown a letter urging them to find bipartisan agreement.
The House already has passed Banking Chairman Jeb Hensarling’s (R-Texas) Financial CHOICE Act. However, that bill had no Democratic support in the House and the Senate is not expected to consider it.
