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Politicians Pressuring Regulators on Banks

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Repeating the errors from the S&L crisis ... Last Friday, the Chicago Tribune reported: Regulators seize FBOP banks The Park National shutdown occurred after several Illinois congressmen, including Reps. Bobby Rush and Danny Davis and Sen. Roland Burris, called the FDIC asking it to delay closing the bank for at least a week, said Marilyn Katz, a bank spokeswoman. emphasis addedTonight from the WSJ: Bank Crackdown Draws Criticism Politicians are putting pressure on regulators to go easy on small community banks across the U.S. ... "A self-fulfilling prophecy of community bank failures, shrinking credit availability and a slower economic recovery can all result from a regulatory overreaction to the current crisis," said the letter, which also was signed by Rep. Walt ...

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