A new Super PAC run by members of the financial services industry has been formed, with the goal of influencing this year's congressional elections.
The newly launched Friends of Traditional Banking describes itself as ‘just an informal network of individuals who recognize the critical role of traditional banking in our local communities and are committed to defending it from misguided laws and over-regulation.’ The group states that it will support members of either political party who ‘show a consistent understanding of the vital importance of traditional banking in our communities and our local economies. We will endeavor to replace those members of Congress who do not.’
The Friends of Traditional Banking has also made the repeal of the Dodd-Frank Act one of its priorities.
‘Bankers told Congress that Dodd-Frank would not only delay the economic recovery, but would also threaten the future viability of many banks,’ says the group on its website. ‘But Congress simply didn't listen. Why does Congress ignore traditional banks and their customers? It's simple: They don't believe there is a political risk to voting against traditional banks and their customers. They don't understand that traditional banks have broad-based support. Well, we must change that attitude right now!’