Our state legislators had a full work week navigating a complex puzzle of pre-June 30 legislative work. The end of June is the deadline to deliver on the governor’s promise of an on-time, no-tax hike state budget.
Action was taken to move Unemployment Compensation (UC) Reform, a new School Choice compromise bill was introduced and rumors about liquor store privatization and legal reform measures made the rounds. While banking was not a front burner issue, Pennsylvania’s overall business climate surely was.
In Washington, PACB was actively engaged in voicing your concerns over attempts to expand credit union business lending limits and the challenges associated with the rescission of Regulation Q prohibiting the payment of interest on demand deposits. Both of these issues received overwhelming support from state associations across this country, all of whom are dedicated to protecting community banking in every town, neighborhood and city in America. Fighting for your future is what we do, and we’ll continue the fight through every setback and every success.
Community banks and our customers did hit a major snag this week when the U.S. Senate failed to pass the Tester/Corker Amendment, delaying the implementation of the Durbin provisions of last year’s Dodd/Frank Law. We applaud our longtime friend, and strong proponent of community banking, Senator Pat Toomey for supporting us in our reasonable request to delay the impact of Durbin long enough to study the affects on the payment system and on consumers. Unfortunately, Senator Casey voted against Main Street, siding instead with Walmart, Target and other large retailers. As a grassroots industry, we must do a better job thanking allies like Senator Toomey. We must also take the time to educating those who vote without conscience for policies that have not been fully vetted.
Next week will be another week of legislative battles and on Monday your PACB Legislative Committee and Board of Directors will meet to formalize our legislative agenda and strategy for the remainder of 2011 and the whole of 2012. As always, we value your input and we need your active participation. The simple yet insightful quote by Speaker of the US House, Thomas “Tip” O’Neill, that “All Politics is Local!” holds true today. Our elected leaders need to hear from you, their constituents, in order for them to truly understand the impact of public policy.
Happy Father’s Day to my fellow dads! Have a great weekend!
For Stronger Communities,