|
NEWS RELEASE
March 31, 2009
ABA Media Contact: Peter Garuccio
(202) 663-5452
E-mail: pgarucci@aba.com
ABA STATEMENT ON SENATE BANKING COMMITTEE MARKUP OF S. 414
by Kenneth J. Clayton, senior vice president, card policy
“The American Bankers Association is very disappointed by the action today of the Senate Banking Committee. We have deep concerns that the legislation passed by the Committee will harm consumers and the economy at the very time our country can least afford it.
"Credit cards provide access to credit for millions of Americans and small businesses every day. Making this credit available is a very risky business and the Committee's action today will unfortunately make it harder - not easier - for banks to continue doing so. Credit card lenders of all sizes will likely have to pull back on providing reasonably-priced credit to a wide range of consumers and small businesses. It is hard to see how that makes good policy sense.
"The key here is balance. It is essential that policymakers strive to find a way to address perceived ills in the marketplace while not unnecessarily curtailing access to reasonably-priced credit for the very people who depend on it in times of need. We fear that the Committee's action today fails to attain this delicate balance.
“We will continue to work with all policymakers as the legislative process moves forward."
# # #
The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13.6 trillion in assets and employ over 2 million men and women.
| 
