WASHINGTON — U.S. Senator Roy Blunt (Mo.) today announced that his Family Self-Sufficiency Act passed as part of the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act. The Senate passed the Economic Growth, Regulatory Relief and Consumer Protection Act, which would roll back excessive Dodd-Frank regulations on community banks and credit unions, by a vote of 67-31.
“The Family Self-Sufficiency Act will provide hardworking Missourians more tools to build a better future for themselves and their families,” said Blunt. “By improving the Family Self-Sufficiency program, we’ll help more low-income Americans expand their education, save for the future, and reach their goal of becoming financially independent.”
Blunt’s bipartisan Family Self-Sufficiency Act would streamline the U.S. Department of Housing and Urban Development’s Family Self-Sufficiency program, expand the scope of services offered to participants, and fix a technicality to provide eligibility for families living in privately-owned properties subsidized with project-based rental assistance. The legislation is backed by the Missouri Chapter of the National Association of Housing and Redevelopment Officials, St. Louis-based Beyond Housing, and the National Neighborworks Association.
The Economic Growth, Regulatory Relief and Consumer Protection Act, which Blunt cosponsored, includes bipartisan regulatory reforms aimed at providing relief for small community banks and credit unions that have been subject to the same one-size-fits-all Dodd-Frank regulations on large financial institutions. The bill would help protect and expand access to credit for families, farmers, and small businesses, and strengthen consumer protections for veterans, senior citizens, and victims of fraud.
Blunt continued, “The excessive regulatory burden and compliance costs small and mid-size banks and credit unions face under Dodd-Frank make it harder for them to provide credit for local businesses and families. Rolling back one-size-fits-all Dodd-Frank regulations will help small businesses and family farms access the capital they need to grow, thrive, and create jobs.”
In remarks on the Senate floor last week, Blunt noted that, according to the Independent Community Bankers of America, despite holding less than 20 percent of the nation’s banking assets, community banks fund more than 60 percent of small-business loans and more than 80 percent of U.S. agricultural loans. Further, community banks operate in areas many other banks do not, serving as the only physical banking presence in nearly one in five U.S. counties.
The Economic Growth, Regulatory Relief and Consumer Protection Act is backed by the Missouri Bankers Association and the Heartland Credit Union Association.
In addition to Blunt, the Family Self-Sufficiency Act was introduced in the Senate by U.S. Senators Jack Reed (R.I.), Tim Scott (S.C.), and Bob Menendez (N.J.). Companion legislation was introduced in the House by U.S. Representatives Sean Duffy (Wis.) and Emanuel Cleaver (Mo.).