Friends of Traditional Banking Newsletter Nov 30, 2017

The Power to Tax = The Power to Destroy 
It appears Congress is prepared to pronounce a death sentence on traditional banking in tax reform. Sound extreme? Think again. 
Taxing alone does not destroy, but taxing one business but not its competitors does. Anyone with a basic understanding of economics knows this is true. 
Regardless of the lower corporate tax rates proposed in the bill, traditional banks cannot survive in the long run if their competitors are allowed to continue retaining billions in untaxed profits each year. 
It's been 30 years since the last tax reform, if this issue is not corrected now, traditional banking might not exist by the time Congress reforms taxes again. Numerous tax policy experts have urged Congressional leaders to eliminate the outdated tax exemption, at least for the largest credit unions operating like banks. Doing so would yield nearly $30 billion for other tax cuts and reforms. 
FOTB will be watching this process closely to identify our friends and enemies in Congress.
Senator Crapo and Tester Deliver Relief for Traditional Banking

In a rare, courageous demonstration of bi-partisanship, Senators Crapo and Tester have unveiled a serious plan to fix a number of flaws in Dodd-Frank.  A full summary can be found here.  
 
 This is a significant piece of legislation that will relieve the regulatory burden that has caused the elimination of hundreds of traditional banks.  Hopefully, this bill will pass quickly and begin to slow the erosion of traditional banking in America.  Thank you Senators Crapo and Tester! We will not forget your courage and your support of Traditional Banking. 
Punch above your weight 
in the Battle for the Beltway!
 
We need your help! Spreading our candidate recommendations each election cycle is critical, and it is most effective when done from peer to peer.
A Super Friend is someone who is more than just a Friend of Traditional Banking. You are "Super" when you are willing to share our candidate endorsements with FIVE other friends.
Please go to the link below and sign-up to be a Super Friend. We need your help!
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 mike@friendsoftraditionalbanking.com
Tech Staff Want the Latest & Greatest--And You're Not It

Demand for IT workers across every industry sector saw gains last month, according to the Bureau of Labor Statistics. With high demand for skilled IT professionals, especially in the areas of IT leadership and cybersecurity, attracting qualified technical staff to the banking industry is especially challenging. 
Technology has simply become too broad and far too complex of a discipline for one or a couple of "great" IT people to protect your bank. What do you know about your IT staffing?
Read the full article here: http://blog.bankonitusa.com/?q=node/63 
Help Friends of Traditional Banking continue to grow! We're already gearing up for the 2018 races that will impact banking. 
 
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. 
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Friends of Traditional Banking, 175 South Main Street, Ste 1420, Salt Lake City, UT 84111