It sounds like a step in the right direction. President Obama recently ordered federal agencies and departments to review regulations and to consider ways to reduce the regulatory burden on small businesses. For community banks drowning in a sea of regulations and struggling under the excessively harsh regulatory environment, this is good news. But as former Rep. Willard Duncan Vandiver (1897-1903) from my home state famously quipped: “I am from Missouri. You have got to show me.”
In other words, prove it.
ICBA and the nation’s community bankers have led a high-profile campaign to address the regulatory burden on our industry. In meetings and public hearings, policymakers have voiced sympathy and echoed our concerns, yet the burdens remain.
The White House initiative to address excessive regulation is a positive development, but we need to see real results. As the regulatory review proceeds, ICBA will continue working with policymakers to ensure that our concerns are addressed and that the president’s plan has a positive impact on the nation’s community banks.