Community Bankers Association of Illinois

URGENT CALL TO ACTION
TREASURY DEPARTMENT BALKING AT IMPORTANT TAX FIX

I know this is CBAI's third call to action this week, but this one could be the most important!

You already know that the GSE government takeover wiped out billions of dollars of community bank equity and earnings overnight. CBAI is working closely with the ICBA on a tax fix to alleviate this problem. Now we are told that the U.S. Treasury which created this problem objects to our tax legislation on procedural grounds.

Community bankers need to defeat the Treasury on this issue. Winning is important to all community bankers whether or not your bank invested in GSE preferred stock. Even if your bank doesn't hold GSE stock, Treasury could destroy the value of other assets in the future. Don't let that happen!

Tell your Senators and Representatives to include language in the financial bailout bill that allows banks to deduct losses on GSE preferred stock from ordinary income. It must be in the bailout package to meet the September 30th accounting deadline.

The language has key support among Congressional leaders. They need to hear from your Senators and Representatives immediately to overcome Treasury's objection. Call now.

Ask to be connected to your member of Congress by name:

                                                                                Senate switchboard (202) 224-3121

                                                                                House switchboard (202) 225-3121

  800.736.2224 (IL) | 217.529.2265  
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