Economic Growth, Regulatory Relief, And Consumer Protection Act--
Mr. President, I come to the floor today to express my strong support for the legislation we are debating, which will restore economic opportunity, create jobs, help businesses grow, and help every Nevadan as they work to achieve the…
Mr. President, I come to the floor today to express my strong support for the legislation we are debating, which will restore economic opportunity, create jobs, help businesses grow, and help every Nevadan as they work to achieve the American dream.
As a member of the Senate Committee on Banking, Housing, and Urban Affairs, I can tell you that this legislation is years in the making, and I wish to thank the chairman of the committee, Senator Crapo, and my fellow colleagues who are on the committee for their efforts to get us where we are today.
For years the economy had been growing slowly after the great recession. It was like a truck with a bad transmission. It was moving, but it wasn't going anywhere fast. Today everything has changed. The American economy has been primed, the engine has been started, and through the work of the Senate and President Trump, the gas pedal has been hit, and our economy is finally going full speed ahead.
Just a few month ago, we passed historic tax cuts for Nevada families and for Nevada businesses. A typical Nevada family of four will roughly get a $2,200 tax cut. We lowered the individual rates across the board and doubled the standard deduction used by most Nevadans, allowing them to keep more of their paycheck. This bill also included my efforts to double the child tax credit, from $1,000 to $2,000, further easing the tax burden on working families.
Overall, these tax cuts accomplish my three major goals of creating more jobs, increasing wages, and making America more competitive around the world. I am proud to have worked on these tax cuts, but Congress can do more. That is why we are here today.
The Economic Growth, Regulatory Relief, and Consumer Protection Act we are debating is the next major step that we must take to shift our economy into another gear. This bipartisan bill tailors financial regulations to protect consumers and help Nevadans have more access to financial resources and more access to economic opportunities. It will give Nevadans more choices when it comes to finding a loan to buy a house, to buy a car to get to work, to start a business, and, for that matter, to grow their business. Finally, this bill helps to ensure that local lenders can grow their services for every community in Nevada.
This is the oil in the economic engine. It keeps not only cities like Las Vegas, Henderson, and Reno running but all communities in Nevada, such as Mesquite, Pahrump, Carson City,
Fallon, Elko, and Ely. This bill includes many bipartisan proposals that I fought for. I am pleased that the legislation I offered with Senator Menendez to ease workforce mobility for mortgage loan officers who wish to move to Nevada or to change jobs is included in the base text.
In committee I offered an amendment that was based off of legislation I worked on with Senator Warner that would require the regulators for credit unions to publish their annual budgets and to hold a public hearing on that budget. It would increase public transparency and ensure that Nevada credit union members have a voice in Washington, DC.
Working with my friend Senator Tester, we were able to include language to increase congressional oversight of the Federal Reserve and the Treasury Department in order to ensure that our best interests are represented at international insurance discussions on capital standards.
I was also pleased that language authored by Senators Perdue, Tester, Donnelly, and myself was incorporated to require consumer credit bureaus to provide free and timely security credit freezes to all consumers. It also requires credit bureaus to provide consumers a notice at any time of their consumer rights and for the credit bureaus to tell consumers on their websites that they have a right to request a security freeze, fraud alert, and an Active-Duty military fraud alert.
Additionally, this bill includes the Community Lender Exam Act that I co-led with Senator Donnelly, which would allow more highly rated community lenders to be examined every 18 months instead of 12 months. This will help safe and sound local lenders to direct more of their time and capital to Nevada communities and ensure the same level of regulatory supervision.
With this bill we are seeing something rare in Washington, DC-- Democrats and Republicans working together to help Americans have more economic opportunities. Let me say that again. This bill will help Americans have more economic opportunities. That is why I am here in the Senate--to give every Nevadan the opportunity to live the fullest life and to achieve their goals. I look forward to voting to support this legislation, and I would encourage all of my colleagues to do the same.
I yield the floor.
I suggest the absence of a quorum.