January 15, 2015
Wall Street insider Antonio Weiss has withdrawn his name from consideration for Treasury Undersecretary for Domestic Finance. CBAI applauds this development and encourages the Administration to consider qualified community bankers who play an important role in their communities, our financial system and the nation’s economy. Their advice and counsel is desperately needed at the highest levels of this and future administrations.
CBAI made this position clear in a December 10, 2014 article titled, We’ve Had Enough of Wall Street:
“The Obama Administration has chosen yet another Wall Street insider, Antonio Weiss of the global investment banking firm Lazard, for the position of Under Secretary of Treasury for Domestic Finance. CBAI believes that this and previous Wall Street nominees ignore the importance of Main Street community banks to the nation’s financial services profession, small business job creation, and the inconvenient fact that Wall Street greed and abuse caused the financial crisis and the Great Recession. The Administration is ill-advised to exclusively rely on Wall Street insiders who represent a narrow, and often times flawed and biased perspective.”
“CBAI believes that an Under Secretary should have a broad background in financial services, with the critical inclusion of community banking, which is so important to small business creation, job development, and the overall economic vitality of the thousands of communities throughout our great nation. In addition, an understanding of small and mid-market agricultural lending and financing is crucial to the development of sound and balanced financial regulatory policy with regard to the thousands of agricultural banks in rural communities throughout America.” Read CBAI Article.