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CBA Statement on Camp Tax Legislation
Washington, D.C. (February 26, 2014) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement in response to House Ways and Means Committee Chairman Dave Camp’s (R-MI) proposed tax legislation:
“Chairman Camp's legislation sets a dangerous precedent by singling out an industry for additional taxation. However, it goes even further by picking winners and losers within an industry. The banking industry continues to gain back the trust of American consumers, make taxpayers whole on their investments, and has worked hard to ensure the mistakes of the past are not repeated. It should be noted - this package of tax increases doesn't include an additional tax on certain Detroit automakers, which benefited greatly from taxpayer assistance, and failed to make taxpayers whole on the endeavor.”
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.