Rounds Leads Bill to Ease Regulatory Burden on Local Banks and Credit Unions

WASHINGTON– U.S. Senator Mike Rounds (R-S.D.), a member of the Senate Committee on Banking, Housing, and Urban Affairs, today reintroduced the Taking Account of Institutions with Low Operation Risk (TAILOR) Act. This legislation would require federal regulatory agencies to take risk profiles and business models of institutions into account when crafting regulations.
“During the Biden administration, financial institutions across South Dakota were negatively impacted by burdensome, unnecessary regulations due to disproportionate compliance costs, with consumers ultimately paying the price,”said Rounds. “This bill would ease the regulatory burden on smaller financial institutions so they can focus resources on taking care of their customers. I am pleased to reintroduce this legislation in the 119th Congress to codify changes that will allow small financial institutions to serve their customers instead of bureaucrats.”
Original cosponsors include Senators Kevin Cramer (R-N.D.), Steve Daines (R-Mont.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.) and Thom Tillis (R-N.C.).
Specifically, the TAILOR Act would:
ClickHEREfor full bill text.
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