WASHINGTON – William Moore, the Executive Director of the Regional Bank Coalition issued the following statement in response to the financial regulation legislation introduced today by Democrats on the Senate Banking and House Financial Services Committees:
“The Regional Bank Coalition is disappointed that the members who introduced today’s bill chose not to include relief for the millions of consumers and businesses served by regional banks, a reform that would improve the economy and enjoys bipartisan support in Congress. Regional banks spend hundreds of millions of dollars every year complying with regulations that do nothing to improve safety and soundness. They are ready to devote that money to instead expanding loans to Main Street, but they need Congress to remove the arbitrary rules that prevent them from doing so.
“Unfortunately, by neglecting to reform these arbitrary rules, the legislation introduced today falls short of that standard. This legislation is a missed opportunity that would do nothing to improve regional banks’ ability to extend credit to families and small businesses around the country.
“Members of both parties have expressed support for reforming these arbitrary rules, and we hope that they will work together on legislation to do so. There should be broad bipartisan agreement that there is room to pass legislation that leaves in place stringent regulation of Wall Street while allowing the banks that serve Main Street to give a much-needed boost to the economy.”
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.