Academic journal article ABA Banking Journal

Editorial Writers Bolster Banking's Case to Congress

Academic journal article ABA Banking Journal

Editorial Writers Bolster Banking's Case to Congress

Article excerpt

It's been said the public isn't interested in the banking-reform debate, that the issues are too complex and peculiar to the financial markets.

But someone must be reading the nation's newspapers, which for months have engaged in a remarkably detailed discussion of progress on banking matters. Even more surprising, many newspapers have called for comprehensive reform.

Shift in attitude. If the papers are any gauge of public interest, maybe there is a turnaround of sorts in the attention people are paying to banking issues--and in what they're thinking. Here's a sampling of editorials.

On Jan. 21, the Chicago Tribune said:

"The White House and Congress should change deposit insurance, making it fairer and less protective of reckless lending. And they should free America's banks to compete. This will take courage and leadership, but it's the surest way to strengthen the financial system and protect taxpayers in the long run."

The Wall Street Journal said on Feb. 7:

"...we hope everyone can agree that fundamental changes are needed if this country is going to have a safe, reliable and competitive banking industry."

On April 19, The New York Times said:

"Congress can't intelligently decide how to reform deposit insurance without knowing how it wishes to reform the banking system. Disconnecting the two decisions risks a big, and lasting mistake."

The Times editorial concluded: "A healthy economy needs healthy banks. The American banking system, however, is on the ropes and cannot afford a Congress that dithers. …

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