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ICBA Appreciates President’s Focus on Ending Too-Big-To-Fail and Helping Small Business

Washington, D.C. (January 28, 2010)—The Independent Community Bankers of America (ICBA) released this statement following President Obama’s State of the Union Address, during which he proposed new tax incentives for small businesses and potentially $30 billion in Troubled Asset Relief Program (TARP) funds to help boost small-business lending.

“ICBA appreciates President Obama for recognizing that small businesses are the key to our nation’s economic recovery and for looking for ways to boost lending through community banks, who are the primary small-business lenders in our nation. Our nation’s nearly 8,000 Main Street community banks continue to lend to the local small businesses that fuel job creation and economic stability within their communities, and we look forward to learning more about President Obama’s proposals and Congress’s plans for small-business tax relief and TARP-funded initiatives with less onerous restrictions.

“ICBA also appreciates the president’s support of financial reform legislation that aims to protect America’s taxpayers by ending too-big-to-fail. The financial and economic crisis has shown us that meaningful reform is necessary to ensure that we never again face such a catastrophe in the future. ICBA continues to call for strong measures that would protect our financial system by holding accountable the systemically dangerous mega-firms and unregulated nonbanks that were the root cause of this crisis.

“ICBA looks forward to continuing its work with the Obama administration and Congress to ensure that too-big-to-fail is brought to an end and that community banks can continue to serve their customers and lend to small businesses within their communities—small businesses that are the key to helping our national economy, and our communities, recover and rebuild.”

For more information, visit www.icba.org.