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Issues: Banking“The United States has a strong, efficient banking system that is the envy of the world. It is important to the well-being of the U.S. economy to encourage a robust, competitive financial services industry.”
Nebraska’s Senator Ben Nelson understands the important role small, community banks play in the nation’s banking industry. He also understands that the vitality of banks in rural areas is essential for the survival of rural communities. Therefore, he has supported legislation aimed at keeping the banking industry strong, not only in Nebraska, but nationwide. Protecting Rural Banking Services Senator Nelson co-sponsored and played an instrumental role in enacting a $2.8 billion disaster assistance package in 2004 for farmers and ranchers suffering from the prolonged effects of drought in Nebraska. This drought assistance will help many farmers and ranchers meet their banking commitments. Senator Nelson has consistently supported legislation to extend Chapter 12 bankruptcy provisions for farmers and ranchers. Chapter 12 was created to provide farmers with the opportunity to reorganize and thus to preserve their farms through a streamlined and expeditious bankruptcy process. Senator Nelson supports regulatory relief for the banking industry, especially small banks that are particularly hard hit by overly burdensome regulations. Protecting Consumers and Banking Services Senator Nelson co-sponsored and championed bankruptcy reform legislation in the Senate. Although the legislation remains stuck in conference committee, Senator Nelson will continue to push for this reform. Senator Nelson is a co-sponsor of the Safe and Fair Deposit Insurance Act of 2003. He believes raising the ceiling on deposit insurance coverage is important to small banks in particular and will continue to push for its passage. Senator Nelson supported passage of the Fair and Accurate Credit Transactions Act of 2003, which made permanent provisions of the Fair Credit Reporting Act governing privacy protection. The bill blocks states from enacting laws pertaining to the privacy of personal financial information that are more restrictive than those of the federal government. Senator Nelson believes making these provisions permanent is essential to preserving a nationwide credit reporting standard and providing more choice and accessibility to credit for consumers. Senator Nelson supported inclusion of Subchapter S tax reforms in the Jumpstart our Business Strength (JOBS) Act, which was signed into law in October 2004. |
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The United States has a strong, efficient banking system that is the model for the rest of the world. It is important to the well-being of the U.S. economy to encourage a robust, competitive financial services industry. 