FOR IMMEDIATE RELEASE
Dramatic Increase in Cosponsorship Demonstrates Momentum for Community Bank Regulatory Relief
Washington, D.C. (Jan. 22, 2014)—The Independent Community Bankers of America® (ICBA) today announced that ICBA-supported legislation to provide much-needed regulatory relief—the CLEAR Relief Act of 2013 (H.R. 1750/S. 1349)—has increased to more than100 bipartisan cosponsors in the House and more than 20 in the Senate in a matter of weeks.
“It is encouraging to see more than 100 members in the House and a quarter of senators support legislation that calls for meaningful regulatory relief for our nation’s community banks,” said Paul Merski, ICBA executive vice president of congressional relations and chief economist. “Relief from onerous regulations will allow community banks to better serve their communities, grow their local economies and create much-needed jobs across America. ICBA will continue to press congressional leaders to deliver much-needed regulatory relief in this Congress. The growing number of cosponsors sends that message loud and clear.”
The legislation, inspired by ICBA’s Plan for Prosperity regulatory relief platform, offers community bank exemptions from mortgage and auditing regulations and supports additional capital opportunities for small bank holding companies.
The relief measures were introduced in the House by Rep. Blaine Luetkemeyer (R-Mo.) and in the Senate by Sens. Jerry Moran (R-Kan.) and Jon Tester (D-Mont.). Among the other cosponsors are influential Senate Banking Committee members Sens. Tom Coburn (R-Okla.), Kay Hagan (D-N.C.), Heidi Heitkamp (D-N.D.), Mike Johanns (R-Neb.), Mark Kirk (R-Ill.) and Joe Manchin (D-W.Va.) and House Financial Services Committee members Reps. Michele Bachmann (R-Minn.), Spencer Bachus (R-Ala.), Andy Barr (R-Ky.), Tom Cotton (R-Ark.), Sean Duffy (R-Wis.), Stephen Fincher (R-Tenn.), Scott Garrett (R-N.J.), Denny Heck (D-Wash.), Robert Hurt (R-Va.), Gary Miller (R-Calif.), Randy Neugebauer (R-Texas), Steve Pearce (R-N.M.), Ed Perlmutter (D-Colo.), Robert Pittenger (R-N.C.), Bill Posey (R-Fla.), Dennis Ross (R-Fla.), Keith Rothfus (R-Pa.), David Scott (D-Ga.), Terri Sewell (D-Ala.), Steve Stivers (R-Ohio), Ann Wagner (R-Mo.) and Lynn Westmoreland (R-Ga.).
ICBA continues encouraging community bankers to urge their members of Congress to cosponsor the legislation if they have not yet signed on. Community banks can go online to find cosponsors of the House and Senate bills, and call or email their lawmakers via ICBA’s grassroots website.
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.