Independent Banker - October 2020 - 44

currently the ranking member.
" We've worked with Brown for many
IF DEMOCRATS
TAKE CONTROL
OF THE SENATE,
THEY MIGHT MOVE
TO ELIMINATE
THE CURRENT
FILIBUSTER RULE.
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would likely be hobbled by the current
filibuster rule, especially since even if
the Senate were to flip, the Democratic
majority would likely be slim (no more
than a seat or two). He is, however,
convinced that should Democrats take
control of the Senate, they might move
to eliminate the current filibuster rule
to make passing new legislation easier.
With or without a change to the
filibuster rule, Democrats would gain
greater power simply by determining
the majority leader in the Senate and
by having all committees chaired
by Democrats. " You'd have some
radical changes, " Merski says, " just
because of the folks who are in charge
in a turnover. "
Sen. Mitch McConnell (R-Ky.) would
be replaced, and Merski is convinced
that the obvious choice-Sen. Chuck
Schumer (D-N.Y.)-would become the
Senate majority leader.
In addition, Merski expects that Sen.
Sherrod Brown (D-Ohio) would chair
the Senate Committee on Banking,
Housing, and Urban Affairs given he is
years, " Merski says, " and his main
concern is the large banks and those
too big to fail. That's a concern of
ours, too. "
+ SCENARIO 4:
REPUBLICANS KEEP THE WHITE
HOUSE AND THE SENATE
Merski says he's confident that if
Trump stays in the White House and
the Senate remains under Republican
control, then the Economic Growth,
Regulatory Relief, and Consumer
Protection Act, or S. 2155, which
rolled back many community bank
regulations in the Dodd-Frank Act,
would remain intact. What's more, he
says that community banks might see
further regulatory relief, with some
of the rules and regulations under
the Bank Secrecy Act (BSA) and the
anti-money laundering (AML) laws
becoming less stringent.
Thomas agrees, adding that if Trump
remains president, another welcome
possibility for community banks might
be that the temporary rule easing
capital requirements for community
banks could become permanent.
Such a move, she says, makes sense,
because " it gives banks more flexibility
to support their communities and
their customers. "
Above all, though, Thomas sees a
status quo outcome as an opportunity to
consolidate gains. " We spent a number
of Congresses pushing for a variety of
types of regulatory relief for community
banks, and they finally passed in 2018.
We had a few moderate Democrats in
the Senate willing to work across the
aisle to support regulatory relief for
community banks. And, of course, we
had to have a president willing to sign
the bill, " she says. " It took a while to get
the stars aligned on Capitol Hill. "
Elizabeth Judd is a writer in Maryland.
44 Q ICBA Independent Banker Q October 2020
Independent Banker - October 2020

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