Logo: Independent Community Bankers of America - ICBA The Nation's Voice for Community Banks (R)

Graphic: Arrow Forgot password?
Graphic: Arrow Request Login
Contact ICBA Site Map Search ICBA
ArrowICBA Home
ArrowAbout ICBA
ArrowAbout Community Banking
ArrowConsumer Education & Resources
ArrowIndustry Resources
ArrowMarketing Resources
ArrowMembership/Nat. Solutions Group
ArrowPress Room
ArrowSocial Media
ArrowMain Street MarketĀ®

Members Only = Access Restricted
Last update: 10/21/14

ICBA News Release Header


ICBA Stands with Sens. Brown and Vitter Against Wall Street Spin Machine

Washington, D.C. (Mar. 11, 2013)—Camden R. Fine, president and CEO of the Independent Community Bankers of America® (ICBA), released this statement today in support of a press release sent by Sens. Sherrod Brown (D-Ohio) and David Vitter (R-La.), which addressed claims by the largest members of the financial services industry regarding their “too big to fail” megabank subsidy.

“ICBA thanks Sens. Brown and Vitter for their unwavering support of Main Street and their ability to see through the smoke that the Wall Street spin machine is creating as a desperate move to protect the nation’s megabanks—the same group that caused, and nearly brought down, our entire financial system during the greatest financial crisis since the Great Depression.

“We agree with Sens. Brown and Vitter that it comes as no great surprise that the megabanks’ trade associations think the too-big-to-fail problem is behind us. Further, despite the claims made by the paid cheerleaders of the megabanks, too-big-to fail is alive and well, and the banks receive taxpayer subsidies. As Vitter said, ‘Chairman Bernanke knows it, the market knows it, and the taxpayers know it.’

“In fact, last week’s remarks from Attorney General Eric Holder confirm that too-big-to-fail financial institutions operate above the law. Holder’s statement that federal law-enforcement officials have hesitated to prosecute Wall Street firms because of their size and interconnectedness shows that these institutions receive favorable treatment, not only economically but in our justice system as well.

“It’s time to expose the Wall Street spin machine for what it really is, and I look forward to seeing the results of the Government Accountability Office study, which was spearheaded by Sens. Brown and Vitter to evaluate the potential market distortions caused by too-big-to-fail financial institutions.”

For more information, visit www.icba.org

About ICBA
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.

ArrowsPrintable version

Button: Share

All contents copyright 2014 Independent Community Bankers of America. All rights reserved.
Privacy Statement | Legal Notice