President Trump Speaks to Independent and Community Banks (ICBA)…

As previously mentioned, part of President Trump’s overall economic policy is a restructuring of U.S. banks and financial organizations to remove the structural issues within globalist leverage benefiting Wall street via multinational banks.  Trump has proposed a modern 21st Century Glass-Steagall law of sorts.

Today President Trump talked to a group of leaders from local and community banks:

[Transcript] 12:01 P.M. EDT – THE PRESIDENT:  Wow, look at that.  Oh boy, oh boy.  They love Dodd-Frank, don’t they?  They love it.  (Laughter.)  Thank you very much.  I appreciate it.  Very nice.  Sit down, please.  Beautiful hats.  (Laughter.)

Well, thanks, Mike Pence.  And Mike has been so great, and he’s on your side, believe me.  He’s on everybody’s side.

It’s a pleasure to welcome the community bankers to the White House today.  I want to, in particular, thank Cam Fine.  Cam Fine.  Stand up, Cam Fine.  Pretty well-known guy, too, huh?  (Applause.)  Congratulations, Cam, for leading the Independent Community Bankers of America.  And thank you for all being here today.  Very, very special.

It’s also a very special place, isn’t it?  When they say, how about coming to the White House, usually about 130 percent — we try and find, who are the extras that are coming?  We always have to be careful.  But it’s a great place.

I also want to thank our Small Business Administrator, Linda McMahon.  Where’s Linda?  Is she around someplace?  Linda McMahon.  Yes, thank you.  (Applause.)  Thanks, Linda, for joining us today.

She’s doing an incredible job helping small businesses just like you.  Some of you, I know you, you’re not that small.  I hate to tell you, you’re not small.  A lot of people would like to be small, right, Cam?  They’d like to be small like these small business people.  But they’re great people, employ a lot of people, and what they do through community development is amazing.

Community banks are the backbone of small business in America.  Many of you are the reason that young families can purchase their first homes, farmers can buy their next tractor, and entrepreneurs can open up their first business, creating many, many new jobs in our country.  So true — community banks.  Over half of the small business and loans going to small business — and it’s really a substantial number higher than that — come from their community banker.  You provide critical access to capital, especially for the rural communities.

That’s why, in the first 100 days, I have taken action to roll back burdensome regulations that undermine community banks, especially — I know you’re going to be very disappointed at this — Dodd-Frank, right?  (Applause.)  No, it’s out of control.

And by the way, not only for community banks — for banks period.  We can take community out of that one, right?  Now, Dodd-Frank, we’re working on that right now and you’ll see a very big difference, because you want to get out and make our country work properly.

I’ve directed my administration to provide regulatory reform and relief so that those rules don’t shut down community banks — which have been shutting down — and small businesses, and put them on a competitive disadvantage against the larger institutions.  That’s what it’s done.  It’s really made you and given you such a tremendous competitive disadvantage.  I have friends that are community bankers, and they’ve gone through hell over the last long period of time.  It’s really a much longer period of time than people would understand.

I’ve also directed Treasury Secretary Steve Mnuchin to review damaging Dodd-Frank regulations that encourage risky behavior from Wall Street.  Everybody knows what that means.  We’re also working to achieve tax reform and dramatically lower taxes on businesses and the middle class.  We’re proposing one of the largest tax cuts in history, even larger than that of President Ronald Reagan.  Our tax cut is bigger.  (Applause.)

My administration is committed to working with each and every one of you to help Americans achieve their financial dreams so that — look, we’re all here for the same thing.  You know, we have a statement.  It’s really — I like it much better than even your hat — it says, make America great again, and that’s what we all want, right?  We want to all make it great again, and that’s what’s going to happen.  (Applause.)

So, I want to thank you all for being here.  Very special people.  You do a very, very special job, and the community really understands it.  I know community bankers are the most popular person in their community, and they’ve built communities, and they’ve really been so badly hurt over the last number of years.

So we’re going to change that.  We’re going to change regulations.  We’re going to give the incentives back, and you’re going to grow and thrive and prosper.  And maybe even more importantly, you’re going to have businesses all over the country growing and thriving and prospering.

So I want to thank you for being here.  It’s a great honor.  And you will see things happening like you’ve never seen before.  Thank you very much.  (Applause.)

END – 12:06 P.M. EDT

(Via Bloomberg) During the presidential campaign, Trump called for a “21st century” version of the 1933 Glass-Steagall law that required the separation of consumer and investment banking. The 2016 Republican party platform also backed restoring the legal barrier, which was repealed in 1999 under a financial deregulation signed by then-President Bill Clinton.

A handful of lawmakers blame the repeal for contributing to the 2008 financial crisis, an argument that Wall Street flatly rejects. Trump couldn’t unilaterally restore the law; Congress would have to pass a new version.

Trump officials, including Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn, have offered support for bringing back some version of Glass-Steagall, though they’ve offered scant details on an updated approach. Both Mnuchin and Cohn are former bankers who worked for Goldman Sachs Group Inc.  (link)

Advertisements
This entry was posted in Big Government, Big Stupid Government, Budget, media bias, President Trump, Uncategorized, US Treasury. Bookmark the permalink.

57 Responses to President Trump Speaks to Independent and Community Banks (ICBA)…

    • sundance says:

      She’s not a victim of circus-pants.

      Liked by 11 people

    • Re: SBA – from what I have learned, SBA advice is worth how much it costs. Nothing. They are usually well-meaning men from middle-management in nothing companies, who actuall know Zero about entrepreneurship. They are pitiful. Also, they just give money away to very, very bad risks. I’d love to see a P&L statement from the SBA. Bet it’s “impossible, so many variables, you know, so hard to get all the numbers together, very complicated business, etc., etc.”

      All the talk about mentoring is totally on point and correct, however, so that is good.

      Liked by 1 person

  1. Stringy theory says:

    God, I love my POTUS.

    Liked by 8 people

  2. My local community bank is the only bank in town where the employees are all native English speakers. Local banks should be on the endangered species list.

    Liked by 7 people

  3. fleporeblog says:

    14,000 community banks closed in the past 10 years. Big banks are permitted to do everything under the sun to make a profit that lending money to small business folks takes a back seat. This would be a tremendous crush to the globalist cabal if enacted.

    Liked by 16 people

  4. calbear84 says:

    At least Mnuchin and Cohn understand who Trump is up against. I’m sure they will be invaluable to him.

    Liked by 4 people

  5. Well, sorry to say but I will never put a cent back into my local banks. They have been a nightmare to deal with and I now have moved my local accounts to Well Fargo. At least I know they are answerable to someone.

    I had one local bank refuse to let me close my IRA account so I could roll it over into my new 401 k plan, which is allowable with my account, I thought I was going to have to hire an attorney. Another one said I could not change the address on my account when I moved until I could prove I had moved. I had just move so I had no bills in my hands yet…and when I asked what would happen if I moved out of state before closing my account they said they would compare my signature to the signature I had made umpteen years ago and decide whether I was for real.. Excuse me, these people are idiots.

    So, my experience is negative here in NC. Sorry…

    Like

    • wheatietoo says:

      Identity Theft.
      What you are describing are probably measures that banks have been putting in place to protect against Identity Theft…and the theft of your money, by the identity thieves.

      Banks used to be far more trusting and would let people change account addresses over the phone.
      Identity thefters used this to their advantage.

      Same with making changes to IRA accounts…people have had their accounts stolen.

      I’m not trying to defend your ex-bank, because I don’t know the details.
      Just saying…Identity Theft has caused a lot of new ‘rules’ to happen, that are a nuisance to deal with.

      The bad guys always screw things up for the rest of us.

      Liked by 9 people

      • Coldeadhands says:

        “The bad guys always screw things up for the rest of us.”
        like, B. Hussein Obama.

        Liked by 5 people

      • Just bank online. I go through a small, local chain, and I have never visited their lobby in the seven years I have done business with them. I deposit by phone and withdraw at the ATM or cash back at businesses on my debit card. If I need to change an address, etc. I simply log into my account and do it. Hey…..it is 2017….

        Liked by 1 person

        • wheatietoo says:

          Oh man…you are braver than I am.

          I am too afraid of hacking to trust doing our banking online.

          Liked by 1 person

          • Yep…..But just for the record, I do all banking using the Avast (anti-virus software) browser. It’s free, and it has a banking mode which is pretty much just a separate computing system on your computer. Even if they hack your computer, they will not get into that.

            Liked by 2 people

          • From my European point of view it’s really weird that people don’t do banking online. Here everybody does it, except some very very old people maybe who don’t have a computer. My parents are turning 70 this year and the next year respectively and they pay all their bills online too. What’s even weirder to us is that you actually use checks as a means of payment. Nobody here even has a checking account. The only times I’ve even come to any contact whatsoever with checks has been in international business.

            There are still things you have to do in person at the bank, like closing your account. But most of the things are done online here “across the pond”.

            Like

            • wheatietoo says:

              Here in Oklahoma, we have tornadoes, ice storms and straight line winds that routinely knock out our electricity…for days, sometimes weeks.

              Electronic banking requires electricity, which is not always there when we need it the most.

              Using cash and checks, you can still pay for necessities…even when the stores cannot take credit cards because their machines are down.

              Like

            • digleigh says:

              I will give you my perspective as a 50 something old person. I do not debit, nor do online banking. After seeing one friend and one family member have their accounts wiped out due to using their debit cards , and taking months to get it fixed, I did not want the risk. Some people like to experience the money/checks actually leave their hands, as it signifies what you are doing. A push of a button, online banking, is instant, and you are trusting the bank to do everything properly. I have seen problems with that as well…So, it is old-fashioned but I prefer not to have my bank acct. number floating around online for all to hack, Also, a cashless society is a goal for all to be tracked, and I prefer not to help them to get there. Just some thoughts. It is also why I do not use self checkout…. The workers direct me to that line, and I say, “No thanks… I would rather you still have a job”!LOL!!

              Like

    • Oldschool says:

      Many of banks’policies are driven by regulations. Worst of which, Dodd Frank.

      Liked by 3 people

    • sickconservative says:

      Wow my wife and I have many accounts here with local banks in NC and close them all the time, never been a problem.

      Like

      • Stringy theory says:

        I used to live in NC and had great experiences with local banks.. My biggest problems in NC were with Wells Fargo on both a construction and permanent loan. They totally hosed up everything.

        Like

    • Old Codger says:

      Measures all required of small banks due to Dodd-Frank. Big banks like Wells Fargo aren’t affected since they have the resources to handle all those regulations of minutiae.

      You fail to see the forest through the trees by dismissing your local bank out-of-hand like that!

      Liked by 4 people

  6. ALEX says:

    This is a big culture shift and for the haters of Cohn and Mnuchin these guys are doing the right thing and not protecting Goldman etc…The tax reform they announced last week is for the little business as much as big…

    We’re in a rough patch with 8500 retail stores die to close this year and the idiot Rep. Brady was talking up the border adjustment tax of Ryan to Dobbs tonight…Dobbs was incredulous it was so pathetic…We are at War with the RINO folks and it’s coming , it’s coming….

    Liked by 8 people

    • ALEX says:

      I should add Atlanta FED put second quarter growth at 4.3% after eight years sub 3% and New York FED has 2.7%, but we may be ready to boom and Energy may lead way..

      http://money.usnews.com/investing/news/articles/2017-05-01/atlanta-fed-sees-us-second-quarter-gdp-growing-at-43-percent

      NEW YORK (Reuters) – The U.S. economy is on track to grow at a 4.3 percent annualized pace in the second quarter, rebounding from a 0.7 percent increase in the first quarter which was the weakest in three years, the Atlanta Federal Reserve’s GDP Now forecast model showed on Monday.

      This is much faster than the latest second-quarter gross domestic product estimate of 2.33 percent from the New York Federal Reserve.

      (Reporting by Richard Leong; Editing by Chizu Nomiyama)

      Copyright 2017 Thomson Reuters.

      Liked by 3 people

    • snarkybeach says:

      the GOPe RINOS can’t stop spending and are all for more taxes. they don’t care who it hurts or how much it will affect the economy at large.

      Like

    • wheatietoo says:

      I think there are a lot of different ways to deal with a tax…or tariff…on imported goods.

      Rep Brady is not very good at explaining things, I’ve noticed,

      We need to ‘even the playing field’ for our domestic companies. Right?

      We put hobbles on our companies which raises the cost of their goods…so it is unfair when we let in cheap imports that do not have the same disadvantages levied on them in their country of origin.

      What Sec Wilbur Ross just did with lumber from Canada, is an example of what I am talking about.

      I agree that we don’t need an across-the-board ‘Border Adjustment Tax’…because the situation varies from country to country.

      But targeted tariffs and ‘reciprocal taxes’ are a way to bring Jobs back.

      The alternative is to Abolish the Minimum Wage and Abolish all the other Regulations & Taxes that our domestic companies have to comply with.
      If we did that…then our US companies could compete.

      Liked by 3 people

      • fleporeblog says:

        Our President has been consistent on reciprocal taxes on items that are identical to what we export and import. Her is an example from Asia:

        Tariffs on motorcycles are common across the Asia-Pacific region. Besides India and Indonesia, China levies a 30% tariff, as does Malaysia. Thailand hits Harley with a 60% tariff, and Taiwan’s tariff is 20%.

        What’s good for the goose is good for the gander!

        Liked by 3 people

      • ALEX says:

        I agree…protect our industries, but a consumer tax or VAT at moment is political suicide to satisfy K-Street and the Fake revenue neutral shell game

        Like

        • wheatietoo says:

          Well, we are going to have to make a choice, Alex…

          We can have Jobs, or we can have cheap imports that kill our Jobs.

          We can’t have both.

          We’ve got the cheap imports right now.
          How’s that working out?

          94 million out of the workforce, record deficits and trillions in Nat’l Debt.
          This is what circling the drain looks like.

          I choose….Jobs.
          If I have to pay a little more for products, so be it.
          At least there will be hope for the survival of our country.

          Liked by 1 person

          • A VAT tax is a perfect way to be able to raise taxes forever with no resistance except around the unimportant edges of society = you know, consumers??? You may start out paying “a little more for products,” but, believe me, soon you will be paying a LOT more – it ranges from 17% to 23% in Europe. And they all still pay property taxes and income taxes, too.

            Like

            • Sorry, I should clarify. VAT = Value Added Tax. In US often called a Consumption Tax, more syllables than National Sales Tax, therefore sounds more important and complex.

              Like

              • wheatietoo says:

                I should’ve refreshed before I replied.

                But a ‘Consumption Tax’ is not the same as a Import Tax either.

                Like

            • wheatietoo says:

              But a VAT…a Value Added Tax…is usually levied on domestic companies, or people who take a raw material and refine it in some way.

              A VAT is not the same as an Import Tax.

              Some countries may call their import tax a “VAT”, but it is a misnomer or subterfuge, unless the imported product was made from raw materials that were taken from that country…and are coming back as a product.

              I started to make this distinction in my comment above, but it was getting wordy enough so I didn’t.

              And don’t get me wrong…I detest new taxes.
              Of any sort.

              But how else are we going to bring jobs back?

              Got any suggestions?

              Like

              • svenwg says:

                Simply follow President Trump’s new Tax Laws to the letter, that will not only bring jobs back, but grow the economy at 3-6%\annum. Nothing complex and not building another layer of government to police and collect the VAT in all it’s complexity!

                Liked by 1 person

    • fleporeblog says:

      Alex I agree that our President is fighting like hell against all these morons. I watch Lou Dobbs and was shocked how this moron Brady was talking up the BAT. They are in for a rude awakening because the WH will write the damn legislation.

      Liked by 5 people

  7. GForce says:

    Would love to be able to save tangible dollars at a local bank and be able to get a reasonable interest rate. The current conditions force citizens to the stock market, at higher risk, in order to get a return rate that beats inflation. Feed The Pig!

    Liked by 3 people

    • Weeper says:

      Can’t like your comment enough GForce!!! Us “baby boomers” who are retired or getting ready to are the first “401K” guinea pigs to get there. No pensions, no health benefits, no interest on savings. Just the stock market where every few years someone decides to pull out the big bucks, and the roller coaster tumbles downward. How long will we live, and how poor will we be when we get there is the worry of the day. If health insurance doesn’t take it all, someone else will. MAGA!!!!

      Liked by 2 people

      • sickconservative says:

        Why we put lots into properties both business and could be rentals.
        Self employed so have to rely on IRA’s and real assets at this point.

        Like

      • Stock market is great, over time. Just take a look at the DJI over the past 50, 60, 70, etc. years. You can find charts all over the Internet. You will be much encouraged. The “huge” drops/declines/crashes of years ago look pretty harmless now. The key to riches? Don’t believe the brokers who benefit from your trades. Buy and hold, until and unless one of your companies is getting squirrelly. Then sell that company, and replace it with another, better company. It’s not that hard. It only took me about 17 years to learn this! 😉

        Like

    • Oldschool says:

      Ahhhh, I long for the days of getting interest posted on my bankbook, watching it grow, or opening a new account and getting a toaster!!!

      Liked by 1 person

    • decisiontime16 says:

      For Many Years, Passbook Savings Accounts Paid 5 1/4% or 5 1/2% Interest Rate

      This was a reasonable rate of interest in the 1950s and 1960s, prior to the surge of inflation that began in the late 1960s.

      So passbook savings accounts were an important financial tool for ordinary people back then. Many people did not put their money into stocks. Even if they did have brokerage accounts and bought and sold stock, they still kept a supply of money available in their savings account at the bank.

      I’m sure that many ordinary people simply lived on less than they earned, deposited the difference into an ordinary savings account, let it compound over the years and retired with a big chunk of money.

      http://www.incomeinvesthome.com/fixed/passbook/passbook.htm

      Liked by 2 people

  8. sickconservative says:

    As a really small businessman I can tell you that dealing with the Big Bank’s is a nonstarter.
    We will never get rid of the Wall Street banks but without the small and local banks we wouldn’t have been able to to start our business.
    After being turned down by three of the large banks in Charlotte it was the small bank that gave us our start.
    Large banks cater to big business and Gov’t but leave behind the rest.

    Liked by 7 people

  9. joan says:

    but those big banks will hand out a student loan to your totally broke child (with totally broke parents), no problem, and the parent will be responsible for the payments.

    Liked by 3 people

  10. I just started reading this, in case anyone wants to read more about Glass-Steagall.. Man, I had no idea.. I kinda knew, but damm: https://larouchepac.com/glass-steagall

    Liked by 1 person

  11. 22CatsInTN says:

    Lol!!! Look at all the hats!

    Like

  12. maiingankwe says:

    I was just thinking no matter what the uniparty is doing to stop our President at every possible avenue, our President just keeps chugging along and tearing it all up on the Trump Train.

    I’m sure mcconnell and paulie are sitting there telling all of their people and the CoC not to worry, they got this, they have so many plans lined up to destroy our President and all he is wanting to achieve. And then something like this happens. Again. And again, and paulie and mcconnell are back in their private meetings saying the same thing over, they’ve got this.

    I think that is why their latest legislation for the budget is so in your face against our President. Funding planned parenthood, ensuring our President will never ever be allowed to build Our Wall, only giving half of the funding to guard and, to take care of our borders, less money than asked for in military spending, and so on and so forth.

    They’ve had to be so far out there and against their so-called beliefs, or what they’ve always said their platform to be. They don’t care about illegal immigration, they could care less about abortions, they don’t want money going to our military and our men and women who protect us. Everything in that half budget for up to September has everything in it they have told us they would not do. It looks like it was written by democrats. Sickening.

    They don’t care about the people who got them in office, they only care about our votes when the time rolls around again, and now the RNC has more money than ever before, they are simply laughing at every single one of us who ever voted for them.

    If we ever needed to proof that there is only one party, and one party working against the majority of the people it is what they’ve had their lobbying buddies write up for them lately. It is such a slap in all of our faces, and not only are they laughing, but so is wall st.

    Thank goodness we have our President Trump. He will find a way around all of this.

    Liked by 1 person

    • maiingankwe says:

      Okay, I’ve been listening to Mulvaney, not all is lost, as a matter of fact, it’s looking a lot better than what I had thought. I cannot believe I fell for it when I should have known better.

      My angst was when it was either the W. Examiner or Post claimed there would be absolutely no Wall ever if this budget was signed. Wow, was I wrong when I thought that may be the case.

      My apologies good Treepers. Please know I am kicking myself more than anyone else could about right now. I should know better. Way better.

      I knew our President would find a way no matter what, and I didn’t think he’d ever sign anything that would hurt our beautiful Wall. So I was flummoxed when I saw all of these titles to articles how great he thought the bill was. Silly me. I am so looking forward to August/September again. Our President means business.

      Be well good Treepers,
      Ma’iingankwe

      Like

  13. tonyE says:

    Credit Unions…..

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s