NEWS RELEASE
June 30, 2010
ABA Media Contact: Peter Garuccio    
(202) 663-5452
E-mail: pgarucci@aba.com

ABA STATEMENT ON HOUSE PASSAGE OF DODD-FRANK BILL

by Edward L. Yingling, ABA president and chief executive officer

          “The American Bankers Association is disappointed that the House passed the conference report on the Dodd-Frank legislation today. 

          “As we have consistently maintained throughout the legislative process, there is broad agreement that financial regulatory reform is needed and bankers support the effort to end too-big-to-fail, enhance consumer protections and reign in the shadow banking system.  But the good in this legislation is far outweighed by the bad.

          “This bill will do severe damage to traditional banks and to Main Street.  Traditional banks, which had nothing to do with causing the financial crisis, will be subjected to more than 5,000 pages of new regulations.  As a result, many small banks are telling us they will simply have to sell out to larger institutions that have the staff to deal with the massive volume of new reports and rules.  Above all, the bill undermines the capability of traditional banks to provide the credit needed to move the economy forward.

          “We will continue to make our case to the Senate.”

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The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its two million employees. The majority of ABA’s members are banks with less than $165 million in assets. Learn more at www.aba.com.