For Immediate Release
December 16, 2015
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Email: jsigmund@aba.com
Follow us on Twitter: @ABABankers

ABA Disappointed in Congress’ Failure to Enact Needed Regulatory Relief

By Rob Nichols, ABA’s incoming president and CEO

"We’re profoundly disappointed that lawmakers were unable to enact common-sense reforms in this session of Congress that would help America’s hometown banks better serve their clients, customers and communities and make the loans that drive our economy forward. Layers upon layers of ill-fitting regulations have been applied to the whole industry, making it much more difficult for customers to buy a home, expand a small business or achieve other important financial goals.  Failing to pass needed regulatory relief while forcing banks to pay for roads and bridges is unconscionable and comes with very real costs for both hometown banks and the broader economy.  
 
"After five years of living with Dodd-Frank, it's clear what’s working and what’s not. The bottom line: Every law can be improved and Dodd-Frank is no exception. Sometimes there are drafting errors. Sometimes a good idea in theory turns out to be unworkable after a closer look in the light of day. The time is long overdue to make Dodd-Frank work better for all Americans and our economy.
 
"Despite this lost opportunity, this has been and will remain a top priority for ABA and our members. Helping our economy grow should not be caught up in partisan disagreements or congressional gridlock and dysfunction. Republicans and Democrats must come together to ensure that the banking system can continue to operate and serve the needs of customers and communities throughout the country."
 
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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