On behalf of Georgia’s community banking industry, I would like to thank Treasury Secretary Scott Bessent for acknowledging the significant impact of the Dodd-Frank Act on community banks during his recent remarks at the Federal Reserve’s Community Bank Conference (Remarks by Secretary of the Treasury Scott Bessent Before the Fed Community Bank Conference | U.S. Department of the Treasury).
Secretary Bessent noted that since 2010, the United States has lost approximately 3,600 banks. In Georgia alone, that number is around 200. Prior to the enactment of Dodd-Frank, our state was home to nearly 340 banks; today, that number has declined to fewer than 140. For a state consistently ranked among the best in the nation for business, this decline is deeply concerning.
Despite Georgia’s strong macroeconomic performance, de novo bank formations since 2010 have been virtually nonexistent, especially when compared to the number of closures. While Dodd-Frank aimed to eliminate the threat of institutions deemed “too big to fail,” the reality is that the largest banks have grown even larger, while increased regulatory burdens have pressured many community banks into mergers or sales.
As President and CEO of the Community Bankers Association of Georgia, I stand ready to work collaboratively with legislators, regulators, and members of the Administration to foster an environment in which community banks can thrive and continue serving the unique needs of their communities.
https://home.treasury.gov/news/press-releases/sb0276
CBA Statement Regarding Sec. Bessent's Comments During the Fed Community Bank Conference
On behalf of Georgia’s community banking industry, I would like to thank Treasury Secretary Scott Bessent for acknowledging the significant impact of the Dodd-Frank Act on community banks during his recent remarks at the Federal Reserve’s Community Bank Conference (Remarks by Secretary of the Treasury Scott Bessent Before the Fed Community Bank Conference | U.S. Department of the Treasury).
Secretary Bessent noted that since 2010, the United States has lost approximately 3,600 banks. In Georgia alone, that number is around 200. Prior to the enactment of Dodd-Frank, our state was home to nearly 340 banks; today, that number has declined to fewer than 140. For a state consistently ranked among the best in the nation for business, this decline is deeply concerning.
Despite Georgia’s strong macroeconomic performance, de novo bank formations since 2010 have been virtually nonexistent, especially when compared to the number of closures. While Dodd-Frank aimed to eliminate the threat of institutions deemed “too big to fail,” the reality is that the largest banks have grown even larger, while increased regulatory burdens have pressured many community banks into mergers or sales.
As President and CEO of the Community Bankers Association of Georgia, I stand ready to work collaboratively with legislators, regulators, and members of the Administration to foster an environment in which community banks can thrive and continue serving the unique needs of their communities.
https://home.treasury.gov/news/press-releases/sb0276
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