Remarks at a National Economic Council Listening Session With Leaders of Small and Community Banks

The President. Thank you, everybody, very much. Good morning, and—greatly appreciate you being here. We have some real experts with us, and we have some great bankers with us.

Today's discussion is crucial to my jobs agenda and to the American people. Community banks play a vital role in helping create jobs by providing approximately half of all loans to small businesses, and that's been dwindling because the community banks have been in big trouble.

Nearly half of all private sector workers are employed by small businesses. We must ensure access to capital for small businesses, and for small businesses to grow. Community banks—the backbone of small business in America. We are going to preserve our community banks.

You probably noticed, I signed an Executive order on regulation on February 3, I believe it was. And that's a big Executive order, and a very powerful Executive order. It's taking a lot of the regulation away. You'll be able to loan. You'll be able to be safe. But you'll be able to provide the jobs that we want and also create great businesses.

So it's an honor to have you with us today, and perhaps we could go around the room. And we'll start with Dorothy, and say who you are and who you represent.

Go ahead, Dorothy.

The Cape Cod Five Cents Savings Bank President and Chief Executive Officer Dorothy A. Savarese. Thank you, Mr. President. I'm Dorothy Savarese. I'm from Cape Cod Five Mutual Company on Cape Cod, Massachusetts.

Bank of Bennington President and Chief Executive Officer Leslie R. Andersen. And I'm Leslie Andersen, and I'm with the Bank of Bennington in Bennington, Nebraska.

Standard Bank President and Chief Executive Officer Timothy K. Zimmerman. Tim Zimmerman, Standard Bank, the suburbs of Pittsburgh, Pennsylvania.

The President. Great.

Centinel Bank of Taos Chairman and Chief Executive Officer Rebeca Romero Rainey. Rebeca Romero Rainey from Centinel Bank in beautiful Taos, New Mexico.

The President. Very good.

First State Bank St. Charles President and Chief Executive Officer Luanne Cundiff. I'm Luanne Cundiff with First State Bank of St. Charles.

ValueBank Texas President and Chief Executive Officer R. Scott Heitkamp. I'm Scott Heitkamp, ValueBank Texas in Corpus Christi, Texas.

The President. Good. Thanks, Scott.

Sound Community Bank President and Chief Executive Officer Laura Lee Stewart. Laura Stewart from the other Washington—Seattle, Sound Bank. [Laughter] Chesapeake Bank Chairman and Chief Executive Officer Jeffrey M. Szyperski. I'm Jeff Szyperski from Chesapeake Bank from Kilmarnock, Virginia.

The President. Good, thank you.

FirstCapital Bank of Texas Chairman and President Kenneth L. Burgess, Jr. And I'm Ken Burgess with FirstCapital Bank of Texas in Midland, Texas.

The President. Good. Thank you.

Okay, thank you very much. Thank you.