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"The United States has a strong, efficient banking system that is the envy of the world. It is important to the well-being of the U.S. economy to encourage a robust, competitive financial services industry."

˜ Ben Nelson

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BankingBanking

Nebraska’s Senator Ben Nelson understands the important role small, community banks play in the nation’s banking industry. He also understands that the vitality of banks in rural areas is essential for the survival of rural communities, and the availability of credit is vital to our economic prosperity. Therefore, he has supported legislation aimed at keeping the banking industry strong, not only in Nebraska, but nationwide.

Confronting a Crisis

Senator Nelson has been a strong voice for oversight, transparency, and accountability for the government's efforts to confront the financial crisis.

Protecting Rural Banking Services

Senator Nelson has consistently supported legislation to extend Chapter 12 bankruptcy provisions for farmers and ranchers. Chapter 12 was created to provide farmers with the opportunity to reorganize and thus to preserve their farms through a streamlined and expeditious bankruptcy process.

Since 2002, Senator Nelson has also fought for more than $6 billion in agriculture disaster assistance for farmers and ranchers suffering from the prolonged effects of drought in Nebraska. This drought assistance has helped many farmers and ranchers meet their banking commitments.

Senator Nelson has also supported legislation aimed at requiring the big banks and financial institutions who contributed to the crisis to bear more of the cost of its aftermath, but supporting measures to allow the Federal Deposit Insurance Corporation to take measures that will ensure the financial stability of its insurance fund while taking measures to reduce the financial burden on community banks.

Protecting Consumers and Banking Services

Senator Nelson co-sponsored and championed bankruptcy reform legislation in the Senate. After years of stalemate on this issue, Congress finally passed a bipartisan bankruptcy reform bill in 2005.

He also co-sponsored the Safe and Fair Deposit Insurance Act, which passed in 2005. He believes raising the ceiling on deposit insurance coverage is important to small banks in particular and is vital to the long-term health of Nebraska’s community banks.

Senator Nelson supported passage of the Fair and Accurate Credit Transactions Act of 2003, which made permanent provisions of the Fair Credit Reporting Act governing privacy protection. The bill blocks states from enacting laws pertaining to the privacy of personal financial information that are more restrictive than those of the federal government. Senator Nelson believes making these provisions permanent is essential to preserving a nationwide credit reporting standard and providing more choice and accessibility to credit for consumers.