Letters to the Editor

Nichols letter: Crapo’s banking bill

Brian McKay’s op-ed couldn’t have missed the mark more. With Washington paralyzed by partisanship, Idahoans should celebrate sensible, bipartisan policy-making by elected officials like Idaho’s own Mike Crapo. Instead, Mr. McKay criticizes a bill he clearly didn’t read that passed the Senate with strong, bipartisan support.

While maintaining core Dodd-Frank protections, the bill crafted by Senator Crapo and four Senate Democrats makes meaningful but limited improvements that will spare smaller banks from regulatory requirements intended for more complex institutions. Instead, they will face a supervisory environment that better matches their risk. And despite Mr. McKay’s claims to the contrary, there is no change in oversight to the nation’s largest banks.

Far from putting “constituents at risk,” Senator Crapo’s bill will help community banks in places like Twin Falls and Moscow make more loans to creditworthy Idahoans seeking a mortgage or starting a business. That’s good news for Main Street not Wall Street.

Mr. McKay is entitled to his own views but not his own facts. A strong majority of senators voted for this legislation after thoughtful debate and input from all sides. Senator Crapo led that effort. We should salute this rare example of Washington working rather than try to tear it down.

Rob Nichols, president and CEO, American Bankers Association, Washington, D.C.