Academic journal article ABA Banking Journal

"Red Tape Week" Was Just the Beginning

Academic journal article ABA Banking Journal

"Red Tape Week" Was Just the Beginning

Article excerpt

For five days in early February, banks across the country joined in a week-long communications effort to publicize the high cost of bank regulation.

The ABA-sponsored "National Cut the Red Tape Week," Feb. 1-5, marked the beginning of this year's joint efforts by ABA, state bankers associations, and banks to focus the attention of the public and Congress on what government paperwork costs banks and their customers.

But it was just a beginning. Much more must be done. Long-term effort. And while it was a coincidence that this push came 12 days after President Clinton's inauguration, it's not a coincidence that the new President and the 103rd Congress can play a critical role in restoring economic health by reducing unnecessary bank regulation.

This has been the goal of ABA and the state bankers associations, who spent much of last year laying the foundation for a long-term grassroots campaign for relief. Bankers worked to educate members of Congress about the rising cost of government paperwork. Many invited senators and representatives, particularly those newly elected to Congress, to tour their banks to see how red tape makes it harder for banks to serve their communities and promote economic growth.

Three-point purpose. "National Cut the Red Tape Week" gave the issue of bank regulation a public face. Ed Yingling, ABA's executive director of government relations, said in a memo to ABA's 2,000-plus Contact Bankers that the special week and subsequent ABA grassroots activities have a three-fold purpose. …

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