President Trump has signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act ("Act"), with the principal goals of promoting U.S. economic growth, recalibrating burdensome rules, and strengthening consumer protections.
The Act amends an array of banking, capital formation, and consumer protection standards. While the Act revises several key provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the basic structure of the Dodd-Frank Act remains in place.
The Act relieves regulatory burden by raising the primary asset threshold for application of enhanced prudential standards from $50 billion to $250 billion in total consolidated assets, so that fewer companies are subject to these standards.
This Jones Day White Paper explains the most significant provisions of the Act and provides an overview of its potential import for the financial services industry.
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