WASHINGTON – William Moore, the Executive Director of the Regional Bank Coalition, issued the following statement in response to the financial regulation proposal released today by Democrats on the Senate Banking Committee:
“This proposal unfortunately fails to address the needs of millions of families and small businesses across the country who are looking to Congress for reforms that would improve the economy. Regional banks spend hundreds of millions of dollars every year complying with regulations that do nothing to improve the safety and soundness of the financial system. They are ready to devote that money instead to expanding credit to Main Street, but they need Congress to remove the arbitrary regulatory threshold that is preventing them from doing so.
“Every year, regional banks devote more than $400 billion to commercial loans, $50 billion to small business loans, and $6 billion to farm lending, and they are ready to do more. Community, mid-size, and regional banks are unified in support of the Shelby bill because it will protect the financial system from systemic threats while promoting economic growth. We hope both parties in Congress will work together on legislation that accomplishes those goals.”
About the Regional Bank Coalition: The Regional Bank Coalition is a group of regional banks that support regulation based on risk and business model to ensure safety and soundness. For more information, visit www.regionalbanks.org or follow on Twitter @rgnlbanks.