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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
March 10, 2005
#05-08 |
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E-mail:
[email protected] |
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ACB APPLAUDS SOCIAL SECURITY COMMUNITY BANK OPTION
Statement by Diane Casey-Landry, president and CEO, America’s Community Bankers, on the letter today by Rep. Tom Feeney (R-Fla.) and members of Congress to House Ways and Means Committee Chairman William Thomas (R-Calif.) urging inclusion of a “community bank option” in any Social Security reform:
America’s Community Bankers applauds the initiative of Rep. Feeney in generating support for providing workers, as part of any Social Security reform, with the option to invest their voluntary personal retirement accounts in community bank products, such as long term certificates of deposit.
ACB has been working closely with Rep. Feeney for some time and strongly supports his efforts.
This initiative is a win for savers and communities. Investments in community bank products will help increase the savings rate and provide people with a federally insured alternative to uninsured equity investments. Stable, long-term savings deposited under the “community bank option” will be used by banks to help the communities they serve to grow and create new jobs.
One of the benefits is the simplicity and security of putting savings in the bank, with a local banker to answer questions. For some people, there is no better option than a federally insured personal retirement account in a community bank — alleviating some of the concerns of much needed Social Security reform.
The Feeney letter and news release are attached.
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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