Senate Bank Deregulation Bill Is a Trojan Horse, Says Ross Lecturer

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Writing in The Hill, Jeremy Kress says a seemingly reasonable bill has some troubling provisions in the details.

Senators will soon vote on a compromise banking reform bill that brings community banks some regulatory relief and includes some consumer protections.

But the Economic Growth, Regulatory Relief, and Consumer Protection Act is a Trojan horse, says Michigan Ross Lecturer Jeremy Kress.

In an op-ed in The Hill, Kress says the bill rolls back some of the most important reforms passed after the 2008 financial crisis. If not revised the bill “repeals important post-crisis reforms and leaves the U.S. financial system vulnerable to another crash” Kress writes.

Kress is a lecturer of business law and former attorney at the Federal Reserve’s Banking Regulation & Policy Group.

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Media Contact: michiganrosspr@umich.edu