In his first official communication to bank CEOs, ABA’s Rob Nichols on Friday stressed the urgent need for regulatory relief and encouraged bankers to join ABA in going all-out to see legislation enacted by year-end.
“The overregulation of banking is unsustainable and poses a real and present danger to communities across the country,” Nichols said. “We have a narrow but real opportunity for bipartisan action, and that window will remain open until Congress adjourns in December.” After that, election-year politics will make enactment of legislation in 2016 “near-impossible,” he added.
“It is hugely important that we take advantage of the opportunity at hand,” he said, urging bankers to take immediate action by signing ABA’s petition for reg relief, reaching out to legislators by phone or email and enrolling in ABA grassroots text alerts by texting “ABA” to 74700.
Nichols detailed ABA’s aggressive support of reg relief through its Pass Reg Relief Now campaign, which has featured extensive print and radio ads and grassroots efforts, including phone calls, emails, postcards, visits and tweets.
“ABA is providing marketing ground cover and working our contacts on Capitol Hill. We’ll have our pedal to the metal for the next four weeks,” Nichols said. “But we need bankers, as constituents and spokespeople for their customers and communities, to go in and close the sale. Your contact will impress lawmakers the most.”