The appropriations process provides an alternative legislative mechanism for moving the regulatory relief provisions forward. Sen. John Boozman (R-Ark.), who chairs the subcommittee said:
This is the five-year anniversary of Dodd-Frank. We are losing community banks all the time because of one-size-fits-all and the compliance costs. This is just an effort to use every tool that we’ve got in an effort to provide them with some relief.
In addition to the Shelby provisions, the spending bill would replace the CFPB director with a five-member commission and bring the CFPB’s budget into the congressional appropriations process.