Tester introduces another Wall Street reform amendment for rural banks
Measure would force new bureau to consider impact on community banks before creating new rules
(WASHINGTON, D.C.) – Senator Jon Tester has introduced another amendment to the Wall Street reform bill, aiming to further protect America’s community banks and rural consumers from having to pay for “Wall Street’s reckless behavior.”
Tester’s new amendment would require the new Consumer Financial Protection Bureau (CFPB) to formally consider the impact on small community banks and rural consumers before creating new rules.
A member of the Senate Banking Committee, Tester has already shaped the Wall Street reform bill to ensure that community banks and rural consumers are not unduly burdened by new rules. His new amendment would go one step further in requiring the CFPB to formally study the impact any new rules would have on community banks and consumers in rural areas.
“As we debate how to put the referees back on Wall Street, I’m standing up for community banks who played by the rules and had nothing to do with the financial crisis,” said Tester, the only Senate Democrat to vote against both bailouts of Wall Street and the U.S. auto industry. “This amendment would further ensure that any new financial rules don’t hurt rural consumers or the rural banks who lived within their means.”
Tester’s new amendment is available on his website HERE.
Tester’s first amendment to the Wall Street reform bill—to ensure rural banks do not pay more than their fair share for federal bank insurance—unanimously passed the Senate last week.