For Immediate Release
September 13, 2016
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Email: jsigmund@aba.com
Follow us on Twitter: @ABABankers

ABA Applauds House Financial Services Committee for Advancing Regulatory Reform

By James Ballentine, ABA’s executive vice president of congressional relations and political affairs

​“We thank Chairman Hensarling for introducing the Financial CHOICE Act and the committee for passing this regulatory reform legislation. 
 
“While this bill didn’t receive bipartisan support, lawmakers from both sides of the aisle must agree that parts of Dodd-Frank just aren’t working.  It is clear that regulatory reforms are needed to stop banks from continuing to disappear – including 1,708 institutions since the passage of Dodd-Frank – and allow them to continue to serve their customers and communities. 
 
“We applaud the Chairman for including several important measures in his Financial CHOICE Act, including a repeal of the Durbin Amendment, an ill-conceived government price control that has reduced access to low-cost bank accounts; the TAILOR Act, which requires that regulations be tailored to fit an institution’s business model and risk profile; and other provisions that would eliminate unnecessary compliance problems and costs. 
 
“We look forward to working with the committee as the CHOICE Act moves to the House floor.”
 
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.

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