Preparing for 2022 can’t wait

Many of President Biden’s appointees are not moderates looking to ensure fairness for consumers ...

One year from now, Texas and the nation will be in the throes of another election season. While it seems like the 2020 campaign was just yesterday, 2022 Congressional mid-terms will be here before we know it and the importance of banker engagement will be more crucial than ever.   

“Elections have consequences” has almost become cliché. But when looking at the current landscape for banking, has the phrase ever been more true?  

President Biden’s victory last year was no mandate. But you would not know it from the Administration’s posture toward the banking industry, which is nothing short of hard-left partisan assault on an industry that is fundamental to the economic well-being of the country.  

The battle over IRS surveillance of customer inflows/outflows (without probable cause) has been the latest example of aggressive, anti-banking regulatory policy. Moreover, it represents a complete disregard of customer privacy rights and the Fourth Amendment to the Constitution.

And forget all the talking points. If you want to see the true direction of public policy in Washington, look at the people appointed to develop banking policy in key positions. Many of President Biden’s appointees are not moderates looking to ensure fairness for consumers and the safety and soundness of the banking system. They are activists with an agenda.  Cornell law professor Saule Omarova, nominated by the President to serve as Comptroller of the Currency, wants to “effectively end banking as we know it.” According to The Wall Street Journal, her writings state that she wants to “radically redefine the role of a central bank as the ultimate public platform for generating, modulating and allocating financial resources in a democratic economy — the People’s Ledger.” 

TBA will continue to work with candidates and officials from both parties for fair and common-sense regulatory policies. But what we are observing now cannot be classified as common-sense. There are critical issues before us and on the horizon that will impact the health and competitiveness of community banks. 

TBA is not waiting to prepare for 2022. We are calling on both Republican and Democrat bankers to engage with elected officials and to advocate for reasonable regulation.  We need to conduct PAC campaigns to support candidates who understand the critical role our banks play in supporting small businesses and our communities. TBA is here to provide you with support. Please reach out to TBA PAC Coordinator Wynn Baker to learn how you can hold a PAC campaign at your bank: [email protected].  

Raising your voice as well the voices of your employees and customers in the political process is another way Texas bankers serve the interests of the communities they serve. Thank you for joining the fight to make a difference in 2022!