Democrats unite to derail meaningful regulatory reform for traditional banking
Friends of Traditional Banking is stunned and disappointed with the weak regulatory reform proposal suggested by some Congressional Democrats; viewing the bill in the House Financial Services Committee by Rep. Maxine Waters (D-CA) as a small gesture when so much more reform is clearly needed.
The message from Main Street, community bankers from across the country is clear, "We understand exactly what is happening inside the beltway - there is meaningful and needed reform and there is political rhetoric and right now some Democrats have united behind the rhetoric," said Mike Winder, executive director of Friends of Traditional Banking (FOTB).
"The House and Senate Democrat proposal is like showing up to a massive traffic accident armed with aspirin and Band-Aids," said FOTB board member and CEO of the Utah Bankers Association, Howard Headlee. "They are incredibly smart people. We know they know this is not enough to save traditional banking in America."
Rather than hiding behind a White House veto, Friends of Traditional Banking would like to see House and Senate Democrats standing up to the President and standing behind traditional banking and the regulatory reform our customers and communities need to succeed. "How many more banks do we have to lose before we stop playing politics and do what needs to be done?" Headlee asked.
Friends of Traditional Banking is a non-partisan Super PAC representing over 15,000 individuals, Democrats and Republicans, from across America, who are willing to make direct personal contributions into key Congressional races each election cycle. Last cycle, Friends of Traditional Banking directed over $1 million in direct contributions to key Senate races. They expressed similar displeasure at the recent bill from the Democrats on the Senate Banking Committee.