PACB Letter to Senator Rick Santorum

July 13, 2006

The Honorable Rick Santorum
United States Senate
Member, Senate Banking Committee
Washington, DC 20510

Via Facsimile

Dear Rick:

On behalf of our Board of Directors and Legislative committee, thank you for your leadership in introducing legislation to permit the Federal Home Loan Banks, in partnership with community banks, to issue tax exempt letters of credit for local communities and their economic development and public infrastructure needs.

We are tremendously excited that you will be spearheading this initiative in the United States Senate and will be working closely with Congressmen Phil English and Paul Kanjorski and the other members of our delegation who are strongly supporting this proposal. PACB has strongly endorsed H.R. 5177 and heartily endorses your legislation that will soon be introduced in the Senate. As you know, we work in very close cooperation with the FHLBank Pittsburgh and our members rely tremendously on the critical services the bank provides.

This will be an important tool for our local communities and give community banks another critical way to partner with our communities in helping them to meet their local needs.

Congratulations on your announcement of this initiative. We appreciate your steadfast support of community banks and stand ready to assist you in any way we can to have this legislation adopted by the Congress and signed by the President.

Sincerely,

Frank A. Pinto
President/CEO

Cc: PACB Executive Committee
      PACB Legislative Committee
      FHLBank Pittsburgh