As the new Congress gath
ers in Washington and prepares to take on crushing government overreach, ICBA is well positioned with our revamped Plan for Prosperity
. This comprehensive regulatory relief platform includes an aggressive set of policies that would immediately unload a massive amount of burden that is stifling community bank lending and innovation.
While ICBA is set to hit the ground running in the new year to educate lawmakers and advance this pro-growth agenda, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) is doing the same.
Chairman Hensarling’s soon-to-be-introduced Financial CHOICE Act—the primary vehicle in this Congress for rolling back excessive financial regulation—likewise takes a comprehensive approach to regulatory relief. As you know, ICBA strongly supported the bill during the last Congress and has provided input into the new version as well.
The ICBA-advocated bill, which won committee passage during the last Congress, includes many of our Plan for Prosperity
provisions, such as reforms to rules on mortgage lending, the structure of the Consumer Financial Protection Bureau, the call report and small-business data collection. It also would repeal the costly Durbin Amendment government price controls on debit card interchange fees—another top ICBA priority.
Financial regulations are limiting access to credit for consumers, homebuyers, small businesses and farmers, while fueling consolidation that has shrunk the number of banks from more than 18,000 30 years ago to roughly 6,000 today. Quite simply, government rules are harming the people they are supposed to help and are in desperate need of a complete overhaul.
As we did in the last Congress, ICBA will strongly support Chairman Hensarling’s forthcoming bill, as should all community bankers who want to roll back decades of excessive regulation capped off by many misguided policies that have taken effect in recent years. I call on all community bankers from coast to coast to join us in supporting this important legislation and urging Congress to pass it as soon as possible.