May 11, 2011
May 6, 2011 – (Chicago, IL) – The repeal of Regulation Q fails to meet its stated benefits of helping small businesses and community banks according to Treasury Strategies, which today issued a formal comment to the Federal Reserve on the matter.
Regulation Q prohibits the payment of interest on corporate checking accounts. The intended benefits of repealing Regulation Q are twofold: first, to create new jobs and help grow small businesses; second, to improve the ability for community banks to compete for deposits against larger institutions.
In its comment letter to the Fed, Treasury Strategies outlined three reasons why the repeal of Regulation Q would not achieve its intended outcomes. The measure will:
- Negatively impact small businesses
- Disadvantage community banks
- Harm the overall stability of the financial system
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