Rep. Vicky Hartzler (R-Mo.) said easing regulations on these small financial institutions would help them continue to loan to small companies, especially rural companies.
"This revision of Dodd-Frank is essential to farmers, manufacturers, and small and rural businesses wanting to expand and create new jobs," Hartzler said Wednesday. "Many of these businesses are often overlooked by large national banks and might not have access to competitive loans.
"Although Dodd-Frank was supposed to reduce the power of big banks, it has actually had the exact opposite effect," she added. "My bill helps to reverse this trend and keep lending decisions closer to home."
The bill met with no objections from Democrats during debate, and members approved it in a 312-111 vote. That vote sends the bill to the Senate.
Immediately after that vote, members passed H.R. 1038 by a 421-1 vote. That bill, debated Tuesday, would authorize the conveyance of two small parcels of land within the boundaries of the Coconino National Forest containing private improvements that were developed based upon the reliance of the landowners in an erroneous survey conducted in May 1960.