Missouri Press needs your help

Dear MPA Publisher:
Your help is needed in contacting your U.S. Congressman and asking him/her to co-sign HR 2727, a bill recently introduced by Rep. Walter Jones, R-NC, that will reinstate public financial reporting through newspaper public notice. You may recall that since the 1920s, national banks were required by Congress, and state banks by legislatures, to publish statements of condition in the newspapers in communities where they did business. “Call reports” ran periodically in newspapers. They provided information about a bank’s solvency, indebtedness and reserves. The reports are still required by the Comptroller of the Currency, but in 1994 Congress eliminated publication, and the Missouri Legislature followed suit.
In Washington, DC, the repeal occurred with no public hearing, and little explanation. Most state legislatures quickly followed, repealing their own requirements. Since then, the public has faced substantial challenges determining whether their banks are sound.
Ask your Congressman to support HR 2727, and to sign on as a co-sponsor of the bill. The bill would require the Treasury Department to create new regulations defining the information that must be disclosed by banks in a public notice. Urge Congress to restore transparency. This wouldn’t require tax dollars.
The modest sums that would be required of banks to report to the public would be a tiny fraction of the public’s considerable expense in bailing out financial institutions. And, public confidence is critical.
Economic recovery hinges upon reassuring the public that it can trust sound banks. To be reassured, Americans need to be able to see for themselves what their banks are doing. They need to see how banks are doing via the newspaper, not on a website, where determining a bank’s condition on the Internet can frustrate even an expert.
Please contact your Missouri Congressman and seek their support on HR 2727. Board members of the National Newspaper Association and the Missouri Press Association support HR 2727. Sincerely, MISSOURI PRESS ASSOCIATION

U.S. Representatives from Missouri contact information
Todd Akin, District 2;                         phone 202-225-2561 fax 202-225-2563
Roy Blunt, District 7;                          phone 202-225-6536 fax 202-225-5604
Russ Carnahan, District 3;                phone 202-225-2671 fax 202-225-7452
Wm. “Lacy” Clay, District 1;             phone 202-225-2406 fax 202-225-1725
Emanuel Cleaver, District 5;            phone 202-225-4535 fax 202-225-4403
Jo Ann Emerson, District 8;            phone 202-225-4404 fax 202-225-0326
Sam Graves, District 6;                     phone 202-225-7041 fax 202-225-8221
Blaine Luetkemeyer, District 9;      phone 202-225-2956 fax 202-225-5712
Ike Skelton, District 4;                      phone 202-225-2876 fax 202-225-2695

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