After weeks of debate and discussion over 100 amendments, yesterday the Senate passed a financial reform bill by a vote of 67-31. The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) makes bipartisan changes to the Dodd-Frank Act that will right-size post-crisis rules that were imposed on small and regional lenders after the global financial crisis.
Important to BDA members, S. 2155 includes a provision that directs the FDIC, the Federal Reserve, and the OCC to classify qualifying investment-grade, liquid and readily-marketable municipal securities as level 2B liquid assets under the agencies’ liquidity coverage ratio rules. BDA has long supported “high-quality liquid asset” (HQLA) provisions like this one.
BDA will send a thank you letter to all the Senators thanking them for the HQLA provision and passage of the bill.