Guest Column – Just In: Washington Can Work

Just In: Washington Can Work

By Dave Rozenboom, President, First PREMIER Bank, Sioux Falls, and Chairman, South Dakota Bankers Association 

Amid all the noise, bickering and partisanship in Washington, D.C., something simple—and yet remarkable—just took place in the U.S. Senate. It’s something that everyone in South Dakota should know about and celebrate.

A bipartisan group of senators—16 Democrats and one independent, plus all Republicans present—voted to pass the first set of substantial reforms to our nation’s financial system since 2010. We have seen very few successful bipartisan policy bills on Capitol Hill in recent years. The process that led to this one heralds a possible return to a spirit of compromise and cooperation.

The bill that cleared the Senate was the result of multiple hearings, broad stakeholder input, and thoughtful negotiations between lawmakers of differing parties and views. In other words, the Senate returned to its constitutional roots, and the American people are the beneficiaries.

As Senate leaders work with the House to get this bill to the president’s desk for his signature—South Dakotans should be thanking the lawmakers who made it happen, especially Senators Mike Rounds and John Thune. Their support was critical to moving this legislation forward.

We thank Sen. Rounds, who co-sponsored the legislation, successfully staking out the middle ground and helping build support for the overwhelming majority this bill secured. He is showing that Congress can get things done when lawmakers of different parties put aside politics and work together to solve real problems.

And we also thank Sen. Thune, who supported this bill on the floor and ignored the barrage of false claims from critics who would prefer to never improve rules that clearly weren’t working as intended.

Why should voters in South Dakota care about this unusual moment of unity? Well, the bill is full of commonsense, targeted regulatory reforms that will help South Dakota’s banks better serve our customers and communities. It will open doors of opportunity for Americans.

For example, the bill makes tangible improvements that will streamline the mortgage process and free up credit to help banks get deserving borrowers into new homes with the right kind of mortgage. It will help small business owners get loans to expand and hire more employees. And it will help bankers devote more time to front-line customer service, rather than spending hours each day working to comply with federal regulations that were supposed to apply only to far bigger, more complex banks. Importantly, regulators agree these changes can take place while still preserving safety and soundness.

Consumers, business owners and bankers have been saying for years that there are too many regulatory impediments to growth in their communities. The 67 senators who voted for this bipartisan compromise deserve credit for listening and responding. Their support for this bill will help fuel economic growth and job creation in communities across the country.

Our country has many other challenges ahead. If bipartisan action can produce meaningful changes to our financial regulatory architecture—especially in a way that helps South Dakota—there is no reason that Congress cannot tackle other tough issues as well.

We look forward to the House building on the solid bipartisanship that achieved this important victory in the Senate, and the President signing this into law soon. And thanks again to South Dakota’s senators for leading the way and showing that Washington can still work on behalf of the American people.

About the South Dakota Bankers Association

The SDBA is the professional and trade association for South Dakota’s financial-services industry. Established in 1884, the SDBA’s mission is to help provide banks the opportunity to be the preeminent providers of financial services in the state. For more information about the SDBA visit www.sdba.com.