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 CrapoOvernight Regulation: Senate Banking panel huddles with regulators on bank relief | FCC proposes 2M fine on robocaller | Yellowstone grizzly loses endangered protection Overnight Finance: Big US banks pass Fed stress tests | Senate bill repeals most ObamaCare taxes | Senate expected to pass Russian sanctions bill for second time All big US banks pass Dodd-Frank stress tests MORE (R-Idaho) and ranking Democrat Sherrod BrownSherrod BrownDems push for more action on power grid cybersecurity Senate Banking panel huddles with regulators on bank relief Overnight Regulation: Labor groups fear rollback of Obama worker protection rule | Trump regs czar advances in Senate | New FCC enforcement chief 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.