From Harford County government:
Harford County Executive David R. Craig has announced the formation of a Banking and Finance Commission. The Commission, which will be temporary in nature, was established by Executive Order pursuant to the Harford County Code.
“I am pleased to announce a Banking and Finance Commission to assist both county government and our business partners, in finding ways to help improve business access to capital markets,” County Executive Craig stated. “BRAC has created a demand for housing and commercial development in Harford County as well as the Baltimore Metropolitan Region. The Banking and Finance Commission will be studying the regulatory banking practices that may be preventing businesses from accessing the capital they need to succeed in today’s economy,” Craig remarked.
Former Delegate and State Senator Donald Fry, the President of the Greater Baltimore Committee, has been tapped by County Executive Craig to chair the Commission.
Fry will help coordinate the work of the 22 member Commission. Members of the Banking and Finance Commission will be representative of the Harford County and Baltimore area banking industry, commercial and residential real estate businesses, area business owners representing small and medium sized businesses, regional economic development organizations and staffed by the Harford County Office of Economic Development.
“Establishing a Banking and Finance Commission will help both Harford County and our surrounding neighbors take full advantage of the opportunities presented by BRAC, and identify barriers that are potentially stalling economic recovery in our region,” stated County Executive Craig.
County Executive Craig has tasked the Commission with the following:
• Review of the current economic climate;
• Review of unemployment and projections for job growth;
• Examine the current regulatory environment to determine where the process may be enhanced;
• Review the bank examination process and make recommendations that can improve the outcomes of this process;
• Review loan defaults within the region that our banking institutions operate;
• Examine how loan classifications are impacting our financial institutions’ ability to make new loans, including personal loans and mortgage loans;
• Review loan concentrations and ascertain how the regulatory process is impacting local banks;
• Identify case studies where business and projects have been stifled due to lack of access to capital;
• Take testimony from area business leaders on the challenges they are facing;
• Identify if there is a disconnect between business, the banking industry, and federal regulators; and,
• Make recommendations on how business, banks, and federal regulators can best work together to allow greater access to capital markets.
The Banking and Finance Commission is charged with submitting its recommendations to the County Executive by January 2011. The County Executive along with members of the commission will present the commission’s findings to state legislative leaders, congressional representatives, and federal regulators.
Donald C. Fry (Chair)
President & CEO
Greater Baltimore Committee
Philip E. Logan President,
CEO & Chairman of the Board
Slavie Federal Savings Bank
John H. Cain
Senior Vice President
Area Executive
BB&T
Deborah Smith Williams
Vice President
M&T Bank
Donald Young
Senior Vice President
Harford Bank
Betty Ann Kloch
Vice President
Commercial Lending
NBRS Financial
Scott Elliott
Vice President
Commercial Lending
Peoples Bank
Tom Sadowski
President and CEO
Economic Alliance of Greater Baltimore
Bill Cox
Greater Harford Committee
Eric E. McLauchlin, Esquire
Gessner, Snee, Mahoney & Lutche, P.A.
Chair, Economic Development Advisory Board
Jim Martin
President
Bob Ward Development
James “Jim” Tristani
Partner
Correct Rx Pharmacy
Elliot D. Kleinman
Director of Corporate Operations
Citrus and Allied Essences, Ltd.
Howard Klein
VP/GC
Kleins ShopRite of Maryland
Jackie Pfeiler
Vice President of Finance
St. John Properties, Inc.
Danny Whitehurst
Land Development/Commercial
Clark Turner Homes
Bill Vanden Eynden
Associate Broker
RKS Realty
Mike Thompson
Donohue Hart Associates
Simply Grande Home Furnishings
Ex-Officio members:
Val Twanmoh
Special Assistant
U.S. Senator Barbara Mikulski
Heather Campbell
Field Representative
U.S. Senator Benjamin L. Cardin
Deborah Haynie
Special Assistant
Congressman Dutch Ruppersberger
just like David to help out his developer buddies. With all the homes for sale in harford , all the ones going through forclosure that will be on the market, he want’s to help his friends build more. maybe this time through the council will cut his B…s off and hand them back and say no more.
I believe the mandate of this commission utterly misses the point.
The FIRST thing and business needs is a customer base. There is currently a small customer base because the general public have no liquidity, and no access to credit. Furthermore, they lack confidence in making any investment.
Only when there is a valid customer base should businesses need credit. Borrowing to pay business expenses because there is a drop in the market, or to artificially create employment, is a sure-fire way to disaster and further credit restrictions.
One of the things Mr. Craig appears to have overlooked is that, while taxes increase steadily, household income is generally reducing.
It is going to take some spectacular, and extremely uncomfortable, government cuts to get us out of this mess.
both comment’s so far make sense. But, give the commission time to interact and see what the outcome is. the Commission was newly formed,let it play out?