Memo to PA Congressional Delegation

I am following up on our earlier communications and visits to many offices in the delegation earlier this week as part of the Independent Community Bankers of America (ICBA) Washington Policy Summit to once again ask that you consider adding your name as a co-sponsor of H.R. 698, the Frank/Gillmor legislation to permanent close the ILC loophole.

For well over a year now, along with our national trade associations, ICBA and America’s Community Bankers (ACB), PACB has lobbied our Congressional Delegation and the FDIC to maintain the separation of banking and commerce and to stop efforts by Wal-Mart and Home Depot and others from breaching this separation, a well founded principle of our economic and financial system since the 1930’s.

If you have not yet done so, we urge you to consider co-sponsoring H.R. 698, the Frank/Gillmor legislation to permanently close the ILC loophole. It is our understanding this issue is slated for a vote in the House Financial Services Committee next week.

We are grateful to the following co-sponsors of H.R. 698 so far this session: Carney, Doyle, Gerlach, Holden, Murtha, Patrick Murphy, Sestak, and Schwartz.

If you need any information from PACB on this issue, please do not hesitate to contact Dave Transue.

Thanks so much.

Cc: PACB Board of Directors
      ICBA
      ACB