LATEST SENATOR KING
WASHINGTON, D.C. – U.S. Senator Angus King (I-Maine) this week joined with a group of his colleagues to announce a bipartisan agreement that will improve the U.S. financial regulatory framework, promote economic growth, provide new protections to consumers, and strengthen small financial institutions in Maine. The agreement comes after months of hearings and outreach to stakeholders, companies, and consumers and includes measures from members on both sides of the aisle.
Included in the agreement is language modeled after the Community Bank Relief Act, bipartisan legislation Senator King introduced with Senator Orrin Hatch (R-Utah) that preserves financial safety measures and broadens small bank lending opportunities to provide families, small businesses, and start-ups better credit options. Specifically, it would require the Federal Reserve to expand the number of institutions to which the Small Bank Holding Company Policy Statement applies by increasing the asset size threshold from $1 billion to $3 billion.
Read the full press release.