ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release February 3, 2005 #05-02
E-mail: [email protected]

ACB COMMENTS ON PRESIDENT BUSH’S SOCIAL SECURITY PROPOSAL

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Statement by Diane Casey-Landry, president and CEO, America’s Community Bankers, on President Bush’s Social Security proposal:

America’s Community Bankers strongly supports President Bush’s call for voluntary personal retirement accounts. The president’s proposal is a “win-win” for everyone if part of those savings are deposited in community banks that will reinvest the money in helping the communities they serve grow and create new jobs.

We urge the administration and Congress to include bank products, such as long term certificates of deposit, as options for personal retirement accounts. These would help increase the savings rate and provide people with a federally insured alternative to uninsured equity investments.

Community banks can provide one-on-one counseling and the simplicity and security of putting their savings in the bank. As the president said, there should be “good options to protect your investments from sudden market swings on the eve of your retirement.” For some people, there is no better option than a personal retirement account in a community bank.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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