February 06, 2024

Statement of Michelle W. Bowman on the Review of the Board’s Regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA)

I support the Board initiating its review of regulations to identify those that are outdated, unnecessary, or overly burdensome in accordance with the EGRPRA. It is my expectation that this review, and eventually the accompanying report to Congress, will provide a meaningful process for stakeholders and the public to engage with the banking agencies in the identification of regulations that are no longer necessary or are overly burdensome. As a part of the comment solicitation process, I would also appreciate hearing from the public, particularly from community banks, about the aggregate burden that has been imposed since the prior EGRPRA report 10 years ago. Finally, I welcome the opportunity to hear from all stakeholders about the ways that the Board and the banking agencies could reduce burden, especially for smaller regional and community banks.

Last Update: February 06, 2024