Mike’s many priorities for the 119th Congress include: Removing excessive federal regulation;
Remove excessive federal regulation.
Occurrences
Evidence
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Public Law 109-351, enacted Oct. 13, 2006, is titled the Financial Services Regulatory Relief Act of 2006 and states it is 'to provide regulatory relief and improve productivity for insured depository institutions, and for other purposes.'
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GovInfo lists S. 2856 as the enrolled bill for the Financial Services Regulatory Relief Act of 2006, with the short title and full title indicating a bill to provide regulatory relief and improve productivity for insured depository institutions. The bill is sponsored by Mike Crapo.
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GovInfo lists S. 2155 as an enacted Senate bill titled the Economic Growth, Regulatory Relief, and Consumer Protection Act, whose full title says it is 'to promote economic growth, provide tailored regulatory relief, and enhance consumer protections, and for other purposes.'
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Crapo's office said the Financial Services Regulatory Relief Act of 2006 'significantly reduce[s] burdensome and redundant regulations in the financial services industry' and that the measure 'reduces the regulatory burden on banks, thrift institutions and credit unions in Idaho and nationwide.'
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Crapo's office said the Senate passed S. 2155 by a strong bipartisan vote of 67 to 31 and described it as the 'most significant piece of regulatory reform legislation for community financial institutions in nearly a decade.'
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Crapo voted to advance the bipartisan Digital Asset Market Clarity Act, saying clear, consistent rules would provide regulatory certainty and foster innovation and growth.
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Vote Result: Cloture on the Motion to Proceed Rejected
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The Financial Services Regulatory Relief Act of 2006 (S. 2856), authored by Idaho Senator Mike Crapo, cleared the Senate by unanimous consent and House with an overwhelming approval margin last month.
Assessments
Crapo can claim meaningful later-term progress on this promise because he personally sponsored and advanced federal regulatory-relief legislation that became law, including the Financial Services Regulatory Relief Act of 2006, and later led or backed additional regulatory-relief measures such as S. 2155 in 2018. That said, the promise was broad and open-ended: these accomplishments reduced regulation in important sectors, especially financial services, but did not amount to a general removal of excessive federal regulation across the federal government. Under the campaign-office timing rule, this counts as delivery in a later term, but only partial rather than full fulfillment.
Crapo materially advanced and sponsored enacted federal regulatory-relief legislation, especially the Financial Services Regulatory Relief Act of 2006, and later advanced broader financial regulatory relief through S. 2155 in 2018. These actions occurred after the 1999-2005 Senate term tied to the 1998 campaign, so timing is later_term. Because the promise was broad, 'remove excessive federal regulation,' and the evidence shows sector-specific regulatory relief rather than a comprehensive removal of excessive federal regulation across the federal government, the best outcome is partial rather than delivered.
Crapo did not fully deliver the broad promise to remove excessive federal regulation during the 1999-2005 Senate term tied to the 1998 campaign. However, he later sponsored and materially advanced enacted federal regulatory-relief legislation, including the Financial Services Regulatory Relief Act of 2006 and later major banking regulatory relief in 2018. These were concrete deregulatory accomplishments, but they were sector-specific and occurred after the relevant first term, so they support partial credit rather than full delivery of the broad promise.