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Community Bankers Gather for ICBA Washington Policy Summit

Treasury Secretary Geithner, Rep. Steny Hoyer and OCC’s Dugan to Speak

Washington, D.C. (May 12, 2009)—Today nearly 700 of our nation’s community bankers gathered at the Grand Hyatt Washington in Washington, D.C., to kick off the Independent Community Bankers of America (ICBA) Washington Policy Summit. During the event, which runs through May 14, community bankers will meet with their members of Congress, examine issues of public policy and hear from some of the nation’s top policymakers.

“The ICBA Washington Policy Summit is a tremendous forum for community bankers across the country to come to Washington and meet face-to-face with policymakers and their representatives on Capitol Hill,” said R. Michael Menzies, ICBA chairman and president and CEO of Easton Bank and Trust Co., Easton, Md. “Each of our nation’s more than 8,000 community banks plays a key role in supporting its local community, especially during these economically challenging times. The financial crisis has placed the banking industry in the spotlight, and this week, community banks will be advocating forcefully on issues that are important to Main Street America. We’re here to tell Congress that Wall Street is not the only street that matters.”

During the ICBA Washington Policy Summit, ICBA member community banks and affiliated state community banking associations will remind Congress of the continued safety, soundness and lending activity of community banks, while making specific recommendations, including:

  • Impose tighter regulatory and capital requirements on “too-big-to-fail” institutions to protect taxpayers from future bailouts.
  • Establish a “systemic-risk premium” and ensure that large institutions pay their fair share to the Deposit Insurance Fund.
  • Reduce the 10 percent nationwide deposit concentration cap and require systemic-risk institutions to downsize to reduce risk to the economy.
  • Maintain FDIC coverage levels to bolster consumer confidence and support the economic recovery.
  • Ensure community banks have the tools to continue to rebuild our economy.

Highlights of the ICBA Washington Policy Summit include remarks from Treasury Secretary Timothy Geithner, House Majority Leader Steny Hoyer (D-Md.) and Comptroller of the Currency John Dugan. Attendees will also have the opportunity to participate in several educational seminars and attend meetings at the Federal Reserve, FDIC and OCC.

For more information, visit www.icba.org.