In response to Rob Nichols’ letter regarding Sen. Mike Crapo’s banking bill.
It seems that Nichols, head of the American Bankers Association, holds strong beliefs that Idahoans should celebrate the ownership the banking industry has of our elected representatives. I can assure Nichols that the bill in question was, indeed, read by myself, and that the spin required of his office is noticeable.
Both Nichols and Sen. Mike Crapo have made significant claims as to the importance of the bill for smaller banks. Maybe the appropriate question for both is how many small banks have assets of up to $250 billion?
Nichols talks of bank risk. It seems the lessons of prior risk taking may be lost on him. During 2008, the American people not only bailed out the large banks, but also a host of smaller banks. Risk taking has been excessive at every size of institution.
The ABA’s commentary is proof positive that lobbying can deliver some of the best ROI in business. It is an affront to Idahoans to pretend this bill was due to anything less than Wall Street spending the most money for lobbying our representatives in Washington, D.C.
Brian McKay, Boise