For Immediate Release
December 2, 2017
ABA Media Contact: Blair Bernstein
(202) 663-5468
Follow us on Twitter: @ABABankers

ABA Statement on Senate Passage of Tax Reform

By Rob Nichols, ABA president and CEO

​          “We congratulate Majority Leader McConnell, Chairman Hatch and members of the Senate for passing a comprehensive tax reform proposal that will help grow our economy and create jobs. The Senate vote moves the nation another major step closer to enacting the most significant tax changes in a generation. We particularly appreciate the provisions in this bill and the House legislation that lower business tax rates. Those changes will boost the economy and benefit all Americans.  
 
          “We appreciate that Senators were willing to address the treatment of pass-through businesses in the legislation. Lowering the rate for these small businesses, including many community banks, will benefit the economy. We urge lawmakers to consider additional steps to ease the tax burden on these job creators as they reconcile differences between the House and Senate bills. 
 
          “We still believe Congress is missing an opportunity to reform the outdated, unfair and unreasonable tax advantages enjoyed by credit unions and the Farm Credit System. Congress should treat businesses providing the same services the same way, and we will continue to make that case to lawmakers. 
 
          “Overall, we are encouraged by the House and Senate bills and look forward to supporting a final tax reform plan that grows the economy and enables banks of all sizes to meet the needs of their customers and communities.”

The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, midsize, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.
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