Sen. Thom Tillis (R-N.C.) on Tuesday introduced a long-awaited bill—S. 1564—calling for a delay in the implementation of the Financial Accounting Standards Board’s current expected credit loss standard until a quantitative impact study can be completed to understand its likely effects it will have on the economy.

The bill comes after bipartisan groups of lawmakers from both the House and Senate earlier this month wrote to the heads of several regulatory agencies raising concerns about CECL. ABA—which has long highlighted the procyclical effects of the standard to both lawmakers and regulators—welcomed the bill’s introduction.

“An ABA review of preliminary bank estimates indicates CECL would likely cause significant spikes in loan loss reserves and inadvertently restrict consumer lending during periods of economic stress,” said ABA President and CEO Rob Nichols. “Only a rigorous quantitative impact study conducted by regulators can properly assess the effect this new standard will have on financial institutions, their customers and the broader economy. This commonsense legislation would make that happen.” Read ABA’s statement.