Senate Banking panel seeks proposals for economic growth

Senate Banking panel seeks proposals for economic growth

Do you have a plan to help the United States economy grow? Then the Senate Banking Committee wants to hear from you.

Committee Chairman Mike CrapoMike CrapoCongress should ‘phone a friend’ when sanctioning Russia Sherrod Brown looks to defy Trump trend in Ohio McConnell 'not optimistic' Dodd-Frank overhaul will happen MORE (R-Idaho) and ranking Democrat Sherrod BrownSherrod BrownOvernight Finance: Trump moves to begin NAFTA talks | Dems press Treasury chief on taxes, Dodd-Frank | Biz leaders want tax changes to be permanent Mnuchin mum as Dems press for answers on tax reform, Dodd-Frank Sherrod Brown looks to defy Trump trend in Ohio MORE (Ohio) announced Monday that they’re asking for legislative proposals to boost U.S. economic growth.

The committee said all submissions should identify three to five legislative proposals “that will promote economic growth and/or enable consumers, market participants and financial companies to better participate in the economy.”

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“Ranking Member Brown and I have designed an orderly process for consideration of proposals that will help consumers, market participants, and financial companies responsibly participate in the economy in a more effective and efficient manner,” said Crapo. “We welcome input from all interested stakeholders to that end.”

“After seeing the impact of the financial crisis on Americans, I look forward to proposals that will create real economic growth and jobs, and help reverse years of stagnant wages and widening inequality,” added Brown.

The U.S. economy is nearing the end of its recovery from the 2008 financial crisis and recession but still suffers from wage stagnation and relatively slow, if consistent, economic growth.

Growth averaged around 2 percent of the country’s GDP under President Obama. President Trump and his administration have promised anywhere from 3 percent to 6 percent growth per year, which economists across the spectrum consider unlikely.

The committee will accept submissions until April 14 at submissions@banking.senate.gov.