A Maryland banking professional is encouraging Congress to bolster the state’s economy in the wake of the recent tax bill passage.
In an op-ed piece published in the Baltimore Business Journal, Bay Bank, F.S.B CEO Joseph J. Thomas urged leaders to unite and reform complex community bank mortgage lending and capital requirements regulations as a means of promoting community-based growth extending beyond stock market gains.
“Our strongest industries in Maryland — healthcare, professional services and manufacturing/logistics — will benefit and buoy loan demand from community banks, which stagnated in 2017,” Thomas, who also serves as the Maryland delegate on the Federal Board of Directors of the Independent Community Bankers of America, wrote. “Since the financial crisis, members of both political parties have lamented the decline in the number of community banks around the nation. Now is the time for them to stand up for their communities and support the institutions like Bay Bank that make a meaningful impact every day.”
Thomas referenced the $1.5 trillion tax bill appears to drive new highs in the stock market daily and is expected to stimulate corporate investment, hiring, and growth for small businesses.
He maintains legislators affiliated with both political parties agree with the concept of promoting local economic growth through our nation’s community banks, and should act on that accord.
“Congress should seize on this common ground to achieve a rare bipartisan show of unity that will help local communities like Baltimore thrive,” he wrote. “They will grow their economies, keep relevant decision-making local, and support productive investment from local institutions that share a commitment to their cities and towns.”