FOR IMMEDIATE RELEASE
ICBA Applauds House Approval of Financial Rescue Bill
Washington, D.C. (Oct. 3, 2008)––The Independent Community Bankers of America (ICBA) applauded the House of Representatives for approving today much-needed financial rescue legislation addressing key Main Street concerns. The Emergency Economic Stabilization Act of 2008 (H.R. 1424) includes critical ICBA-crafted provisions. President Bush has pledged to quickly sign the legislation into law.
“ICBA and our nation’s community banks are grateful that Congress has approved this critical legislation that will bring relief to the credit markets and benefit the people, small businesses and communities throughout Main Street America,” said Cynthia Blankenship, chairman of ICBA, and vice chairman and chief operating officer of Bank of the West, Grapevine, Tex. “Community banks did not create the problems that have led to the current economic and credit market turmoil, but this legislation will help us do everything we can to help get our nation out of these financial troubles. ICBA and community banks look forward to the president quickly signing the measure into law.”
The bill, which addresses key Main Street and community bank priorities, will:
ICBA, working with a coalition of other organizations, also successfully overturned efforts to include provisions that would have permitted bankruptcy judges to reduce, or “cram down,” mortgages involved in bankruptcy proceedings. The provisions would have allowed judges to arbitrarily reduce balances owed on mortgages and rewrite mortgage terms.
ICBA especially thanks the leadership of House Speaker Nancy Pelosi (D-Calif.), House Financial Services Chairman Barney Frank (D-Mass.) and Ranking Member Spencer Bachus (R-Ala.), Majority Leader Steny Hoyer (D-Md.), Minority Leader John Boehner (R-Ohio), Majority Whip Jim Clyburn (D-S.C.), Minority Whip Roy Blunt (R-Mo.), Minority Chief Deputy Whip Eric Cantor (R-Va.), Ways and Means Chairman Charles Rangel (D-N.Y.) and many others who have been helpful in the process.