WASHINGTON (WLFI)—The U.S. Senate is set to debate and vote on the bipartisan Regulatory Relief Package this week. Democratic Senator Joe Donnelly spoke with News 18 about the importance of the bill.
Donnelly helped negotiate, write, and introduce the Economic Growth, Regulatory Relief, and Consumer Protection Act in November. The bill passed the Banking Committee in December. It would reduce regulatory burdens on community banks and credit unions.
That includes 103 community banks and 154 credit unions in Indiana. It would also provide new protections to consumers.
"It frees up more money and more people to make loans to local businesses and to Hoosier families," said Donnelly.
Donnelly said the number of small business loans is down 41 percent since 2008. This legislation would make it easier for banks to give out loans to entrepreneurs.