Speaking at the 2024 ABA Washington Summit, Sen. Katie Britt (R-Ala.) expressed concern about the “aggressive agenda” being pushed by the Biden administration, which has included a number of regulations targeting the nation’s banks. Britt, a member of the Senate Banking Committee, noted that “everyone’s moving so fast, they’re not taking a look at the burden of these [regulations] as they overlay one on top of each other.” She added that “when you look at the trick-down effect, this always hits the little guy the hardest.”
In particular, Britt questioned the need for the proposed “Basel III endgame” rules—especially given the views often expressed by regulators that the banking system is strong and well-capitalized. She also flagged concerns over the final rule implementing Section 1071 of the Dodd-Frank Act, noting that “in my opinion, it is an invasion of privacy for your customers.”
Encouraging bankers to be active advocates for the industry, Britt emphasized the importance of building relationships with lawmakers, and providing them with real-world examples and anecdotes affect families and businesses in their communities. “When people come in and speak with one voice and drill down and show what’s happening within [their] community… it really changes the game,” she said.
