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FOTB SPOTLIGHT:
Rep. Mia Love (UT)
Representative Mia Love, a loyal Friend of Traditional Banking on the House Financial Services Committee, finds herself in a tight race this fall. Love provides an essential contrast to Maxine Waters on the Financial Services Committee.
The first black female Republican ever elected to Congress, Rep. Love is facing a tough challenge by the popular Mayor of Salt Lake County. This contest, according to the University of Utah's Hinckley Institute of Politics, "is going to be an exceptionally close race."
"As a daughter of Haitian immigrants and a first generation American, Mia understands the opportunity of the American dream and the critical role that banking plays in helping all Americans realize those dreams. She provides a unique perspective we can't afford to lose on the Financial Services Committee."
-Howard Headlee, President & CEO, Utah Bankers Association
Love also serves on the Subcommittee on Financial Institutions and Consumer Credit and has lead the charge in the House to exempt traditional banks from the Volker Rule and sponsored several bills important to traditional banking:
Sponsored H.R. 4771, The Small Bank Holding Company Relief Act, which would raise the asset threshold under the Fed's Small Bank Holding Company Policy Statement from $1 billion to $3 billion. Raising the threshold would mean that hundreds more institutions around the country would qualify under the Statement for exemptions from certain regulatory and capital guidelines, making it easier to raise capital and issue debt. This bill has passed the House and will match up with the Crapo bill.
Sponsored H.R. 864, Stop Debt Collection Abuse Act of 2017 to ensure that debt collectors who are collecting federal government debt are subject to the FDCPA.
Sponsored H.R. 2172, FFOCUS Act of 2017 to end the Fed's dual mandate and ensure that it focuses on long term price stability.
Strong supporter of:
H.R. 10, The Financial CHOICE Act
H.R. 1116, TAILOR Act of 2017
H.R. 2215, SAFE Act of 2017. Congresswoman Love recognizes that the issue of banking and marijuana is a confounding issue for the banking industry right now. This bill, by Mr. Perlmutter of Colorado, attempts to address the problem. It is not likely to move under Chairman Hensarling, but Rep. Love has stepped up as the sole Republican on the Committee to acknowledge the problem and the need for Congressional action.
H.R. 2219, End Banking for Human Traffickers Act of 2017. This Congress, Rep. Love became a member of the new Subcommittee on Terrorism and Illicit Finance, in which she has been particularly focused on the problem of combatting human trafficking.
H.R. 2553, TABS Act of 2017 to put the CFPB on Congressional appropriations in order to increase accountability. Rep. Love has been very focused on CFPB reform and ending the CFPB's "regulation by enforcement."
H.R. 3312, Systemic Risk Designation Improvement Act of 2017 to create activity-based standards for systemic risk designation.
H.R. 4061, Financial Stability Oversight Council Improvement Act of 2017 to improve the SIFI designation process.
The message below is provided by a Corporate Friend of FOTB. If you or an organization you know is interested in becoming a Corporate Friend, email
Is your bank confident in the systems and people they rely on in the case of a ransomware attack? You won't believe what happened in Atlanta. Read the full article here: http://blog.bankonitusa.com/?q=node/76
PAID for by Friends of Traditional Banking. NOT authorized by any candidate or candidate's committee.
Friends of Traditional Banking is a non-partisan grassroots effort organized by bankers in 2012 to improve the political and regulatory environment for the traditional banking industry in the U.S. FOTB is the inverse of a PAC--instead of spreading a little bit of money to a lot of campaigns, they focus a lot of money on a couple of key campaigns.
