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[To the members of the
Texas Congressional Delegation]
We are advised that a “Dear Colleague” letter is circulating requesting original co-sponsorship of the Gillmor/Frank bill, the Industrial Bank Holding Company Act of 2007. We hope that you will cosponsor this important initiative.
As you are likely aware, the Independent Bankers Association of Texas (IBAT) has long held the strong opinion that banking and commerce should remain separate. This is an issue of paramount importance not only to our member banks, but also to the small businesses and consumers in communities across the country.
The following is excerpted from the Convention Resolutions adopted by our membership in October of 2006:
IBAT believes that the long-standing prohibition against commercial ownership of banks has served this country well. In an era of massive consolidations and concentrations of financial assets, Congress should carefully evaluate the potential effects of a change in this policy on small business and agriculture borrowers as well as consumer choice.
Efforts to circumvent the federal prohibition on banking and commerce through utilizing an Industrial Loan Company charter and expanding across state lines are troubling and should be strongly opposed.
We urge your co-sponsorship and support of this critically important initiative.
Please feel free to contact me if you wish to discuss or would like additional information, and thank you for your support of community banking.
Sincerely,
Stephen Y. Scurlock
Executive Vice President
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