New Year, New Senate Banking Committee

New Leadership on

Senate Banking Committee

With the Republicans taking a slim majority in the US Senate last November, Sen. Tim Scott (R-SC) has ascended as the new chairman of the Senate Committee on Banking, Housing, and Urban Affairs. Sen. Elizabeth Warren (D-MA) is the new Ranking Member for the minority. In her first run for Senate in 2012, FOTB endorsed her opponent Sen. Scott Brown and actively directed tens of thousands of dollars to oppose her.

Senator Scott has been a strong advocate of the Federal Reserve-led effort to revamp capital requirements for banks, asking regulators to withdraw the initial Basel III proposal. FOTB endorsed candidate Sen. Thom Tillis (R-NC) continues on the Banking Committee, along with many great allies. It will be an exciting year to watch their work! Here is the new full roster:

Sen. Tim Scott (R-SC), Chair

Sen. Mike Crapo (R-ID)

Sen. Mike Rounds (R-SD)

Sen. Thom Tillis (R-NC)

Sen. John Kennedy (R-LA)

Sen. Bill Hagerty (R-TN)

Sen. Cynthia Lummis (R-WV)

Sen. Katie Britt (R-AL)

Sen. Pete Ricketts (R-NE)

Sen. Jim Banks (R-IN)

Sen. Kevin Cramer (R-ND)

Sen. Bernie Moreno (R-OH)

Sen. Dave McCormick (R-PA)

Sen. Elizabeth Warren (D-MA), Ranking Member

Sen. Jack Reed (D-RI)

Sen. Mark Warner (D-VA)

Sen. Chris Van Hollen (D-MD)

Sen. Catherine Cortez Masto (D-NV)

Sen. Tina Smith (D-MN)

Sen. Raphael Warnock (D-GA)

Sen. Andy Kim (D-NJ)

Sen. Ruben Gallego (D-AZ)

Sen. Lisa Blunt Rochester (D-DE)

Sen. Angela Alsobrooks (D-MD)

House Financial Services Organizes for 2025-2026

Rep. French Hill (R-AR), longtime friend of traditional banking, is the new House Financial Services chair and last week announced how it would be organized for this Congress. "Together, our Committee will work to craft a regulatory framework that maintains America as a leader in innovation while protecting consumers and investors, right-sizing the regulatory system including for community banks, and ensuring our agencies are held accountable to their statutorily directed missions," he said. Past FOTB endorsed candidates like Rep. Andy Barr and Rep. Zach Nunn will play major roles. Here is how the Committee now looks:

Signing off as FOTB Chair

It has been a great adventure serving as chair of Friends of Traditional Banking, and this is the final FOTB e-newsletter you will receive from me as chair. In next month's newsletter you will meet my successor in this role, but know that I love FOTB and will continue on the executive committee as Immediate Past Chair.

In addition to this transition at FOTB, I also just retired last month as CEO of Springs Valley Bank & Trust Company, but continue on the board there. I also just began my service as a director at Federal Home Loan Bank of Indianapolis.

But through all of these life transitions, I still remember fondly beginning my career in 1980 as an eager, young ag loan officer and appraiser with the Federal Land Bank of Bryan, Ohio. Many things in our industry have changed in those intervening decades, but the fundamentals remain the same: local banks are the lifeblood of America and worth fighting for. I appreciate you allowing me to help guide this impactful organization of Friends of Traditional Banking, and l encourage all of us to stay engaged with this unique group that makes a real difference each election cycle!

--Jamie R. Shinabarger, FOTB Chairman 2023-2024

SPONSOR'S CORNER

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Want to provide content in our Sponsor's Corner? Reach out about being a partner! mike@friendsoftraditionalbanking.com

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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.