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Grassroots Advocacy Resource Center The American Bankers Association prides itself on knowing about the issues that affect the financial services industry and how to address those issues on Capitol Hill. It has never been more important for bankers to speak directly to their Members of Congress about issues facing the banking industry. Grassroots Spotlight | Direct Contact Bankers |
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Grassroots Spotlight Regulatory Reform Debate Shifts to the Senate – On November 10, 2009 Senate Banking Committee Chairman Christopher Dodd (D-CT) issued a 1,136 page draft bill that fundamentally changes the entire banking industry. This massive and extremely troubling proposal creates a new financial regulator that replaces the OCC and OTS. All of the prudential regulation currently conducted by the FDIC and Federal Reserve would be shifted to the new regulator and the dual banking system would be effectively abolished. In addition, the draft bill also proposes to create a powerful new Consumer Financial Protection Agency that is authorized to design consumer financial products and require banks to offer them. The draft also eliminates charter choice and will cause great hardship on thrift institutions.
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