U.S. Sen. Jim Inhofe (R-Okla.) praised the bipartisan Senate passage of S.2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. This legislation would reduce regulatory burdens on community banks and credit unions while maintaining the tools to protect our financial system and providing new consumer protections for veterans and senior citizens. Sen. Inhofe is a co-sponsor of this legislation.

“For the last eight years, under Dodd-Frank, banking regulations have unfairly treated large financial institutions the same as local community banks and credit unions. We’ve seen how our local banks in Oklahoma are being forced to spend more and more of their time and resources on complying with federal government mandates, and less on their customers—driving up costs for families, small businesses, farmers and ranchers.

“The Senate’s passage of this bill is the first step to providing relief to our local banks from these regulations, while still maintaining important protections for consumers and maintaining the soundness of our financial system. I applaud its passage and look forward to it being enacted soon.”

Watch Sen. Inhofe discuss Dodd Frank Reform on Fox News.