In addition to requiring a tailored approach for future rulemakings, Tipton’s bill would require a review of regulations issued in the past six years and a report on how they might be better tailored. Regulators would be required to state in notices of proposed rulemaking how they applied the TAILOR Act.
The bill closely resembles the House version of the TAILOR Act, which was strongly pursued by ABA and the state associations. Championed by Rep. Scott Tipton (R-Colo.), the TAILOR Act cleared the House Financial Services Committee earlier this year.
Curt Everson, president and CEO of the South Dakota Bankers Association, commented,
South Dakota is home to some of the smallest and the largest banks in the world, with wide variations in their business models. Bankers from those institutions agree that today’s one-size-fits-all regulatory scheme doesn’t make sense. We applaud Sen. Rounds for introducing the TAILOR Act to start the conversation about matching bank regulation to risk.