CBA’s Johnson: Trump Administration Right-Sizing Regulation Will Unleash Innovation, Economic Growth
WASHINGTON, D.C. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson recently appeared at The Hill’s Invest in America Summit where she highlighted the pivotal role America’s leading Main Street banks play in driving the economy forward, the importance of combatting fraud and scams, and working with the Trump Administration to promote sound consumer financial regulatory policies.
Below are key excerpts from Johnson’s interview. To listen to the full interview, click HERE.
On how America’s leading Main Street banks are a key force in driving the economy forward:
“Over $275 billion of small business loans actually come from America's retail banks [and] we actually extend over $4 trillion of consumer loans. All of this continues to drive the economy forward, and it has a multiplying effect because that activity then spurs additional activity. Small businesses, for example, create additional jobs, create additional innovation. America's leading retail banks are incredibly proud to partner and to finance the dreams of those consumers and those small businesses across the country.”
On how the banking industry is working to combat rising instances of fraud and scams to protect consumers:
“It really does take a whole-of-government approach, a public-private partnership. Banks are spending billions of dollars in technology. We're spending millions of man-hours to really solve some of these problems for consumers. But we need other industries to step up to the plate and to help us and support us because we can't do it alone. Oftentimes [fraud and scams are] originating outside of the banking system [and] sponsored by nation states. We are super grateful for the industries that are stepping up. We actually convened for the first time a cross-industry collaboration with tech industry, with social media platforms, with telecomms, with banks, with policymakers, with federal law enforcement. And we're focused on solutions. We are working with Congress, and now Congress is actually rolling up its sleeves. We have several members of Congress who have introduced legislation to expand this effort. We'll continue our work until we solve this issue.”
On working with the Trump Administration to promote a sound financial regulatory environment that benefits all hardworking Americans:
“The Trump Administration really understands the harm that can come when that cost-benefit analysis isn't done. Treasury Secretary Scott Bessent said it best when he said that this Administration is going to look to right-size regulation, which will unleash economic activity, it'll unleash innovation, it'll unleash our ability and our banks’ ability to actually meet their consumers' needs."
