It was an impressive showing. That's how many members of the Texas Congressional delegation described the number of Texas community banker constituents and associates that packed their Congressional offices to lobby for comprehensive regulatory relief and a permanent legislative fix to end taxpayer subsidies of banks deemed too big to fail. More than 100 Texans accompanied IBAT staff to our nation's Capitol last week as part of IBAT's and ICBA's Washington Policy Summit. Pictures capturing the event can be found here.
The group specifically lobbied some twelve regulatory relief provisions that should be enacted in the 113th Congress and encouraged members to support any Congressional efforts to end the unfair subsidies enjoyed by the so-called. "systemically important institutions." Senators Brown of Ohio and Vitter of Louisiana have introduced legislation (S.798) that would dramatically increase the capital requirements of the nation's largest banks. The legislation would also provide much-needed regulatory relief for community banks.
Following visits to more than 30 Texas offices, the group was briefed by several members of the Congressional delegation including Texas Representatives Sessions, Neugebauer, Hensarling and Cuellar. Texas senior Senator John Cornyn and House Financial Services Subcommittee Chairman Shelley Capito (R, West Virginia) also briefed the attendees.
"It is time we quit talking about helping community banks out of the current regulatory quagmire and enact legislation that will do just that," said IBAT Executive Vice President Steve Scurlock. "IBAT members are growing weary paying for the sins of the big too big to fail banks."
Financial Services Committee Chairman Hensarling advised the group that his committee was determined to introduce and enact bipartisan regulatory relief legislation this year. "Discussions are already underway with House democrats to do just that," Hensarling concluded.
IBAT wishes to thank all those that made the trip at their own expense to work on this important agenda.