U.S. Senator Mike Crapo (R-Idaho) is an Idaho native and has served in national government positions since 1993. Before his election to the U.S. Senate, Senator Crapo spent eight years serving in the Idaho State Senate (1983-1992).
He joined Neal Larson on KID Newsradio to talk about economic reform, proposed trade tariffs and the continuing gun control debate.
You can listen to the full interview below.
IDAHO FALLS, Idaho — A bill in the Senate is slated to be one of the most significant regulatory reform bills in recent years.
Senate Bill 2155, also known as The Economic Growth Regulatory Relief and Consumer Protection Act, is aimed at providing great consumer protection and potentially generating economic growth by lifting heavy handed regulatory burdens on smaller financial institutions, Idaho Senator Mike Crapo told KID Newsradio.
“These banks were not the cause of the financial collapse and did not even contribute to it,” Senator Mike Crapo (R-ID) told KID Newsradio. “They were actually some of the strength that helped us rebound after it. Yet, they have been carrying a huge burden which has driven many of them out of business or forced them to sell out to larger banks.”
Rolling back regulations on smaller banks is good news nationally, But, Crapo says Idaho has much to gain with the economic reform bill.
“It means that your local bank can get back into the business of providing credit and providing capital for small businesses to start or expand, for individuals to buy a home or engage in some kind of project that they are seeking to engage in or frankly, to take a family vacation that they haven’t able to take for a long time,” Crapo said. “It’s getting huge support across the country.”
But, there’s an issue in the larger financial picture that has people on both sides of politics worried: President Donald Trump’s proposed trade tariffs.
“The steel industry in America has been badly injured by anti competitive practices from other nations for years and during his campaign, [President Donald Trump] promised to help the steel industry and this is part of fulfilling that campaign promise,” Crapo said. “The steel industry loves the proposal that he’s making and many people in the ripples of the steel industry economics are very much in favor of it. Others who don’t want to see us, put up trade bill barriers with other nations and get engaged in a possible trade war or some other unintended consequences are quite worried.”
Crapo said he’s not formed an opinion yet, instead he’s waiting to see what is actually proposed and vetted.