Friends of Traditional Banking(FOTB) is an independent expenditure-only committee, or super PAC, with the aim of improving the political and regulatory environment for the banking industry in the United States by decreasing federal regulation, particularly by repealing the Dodd–Frank Wall Street Reform and Consumer Protection Act. As a non-partisan trade group, it selects a small number of Congressional races in each election cycle (typically two) and encourages their members to donate directly to these campaigns.[1]
The organization is headquartered in Salt Lake City, Utah and has over 15,000 members. They are led by an executive committee including bank executives and bank association executives, advised by a Board of bank executives from each state, and an Advisory Council of bank association leaders.[2] Their membership and leadership includes execs affiliated with the American Bankers Association, Independent Community Bankers of America, and other industry groups.
When first announced in 2012, Friends of Traditional Banking was described by Salon as a "smokescreen of a sobriquet," and that it was primarily an effort to revoke "a key provision of Dodd-Frank known as the Volcker Rule" [7] while the Huffington Post said it was part of the banks' "plan for world domination."[8]National Journal commented that "the bankers' non-super PAC super PAC" was "taking a novel approach" that promised to be both effective and transparent.[9]
After the 2014 elections, Politico commented that "The industry went to bat in a big way for Gardner, routing him money through Friends of Traditional Banking,".[10]
Referencesedit
^"New pro-bank, anti-regulation group is Utahn's brainchild".
^. Archived from the original on 2015-06-26. Retrieved 2015-06-25.
^"'Friends' Banking SuperPAC Will Focus on Brown, Heller Races". 13 September 2012.
^"Disempowered Bankers Start Super PAC, Reveal Plans for World Domination". HuffPost. 6 April 2012.
^. Archived from the original on 2015-06-26. Retrieved 2015-06-25.
^"The real winners: Wall Street". Politico. 5 November 2014.
External linksedit
Official website
January 01, 1970
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