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News Link • Economy - Economics USA

The American Bankers Association and the Quiet War on Students

•,Devon Douglas-Bower

Many people are graduating only to find that they are unable to get the jobs they want either due to the small number of available positions or, more usually, the problem that they lack "experience" ? and are thus reduced to working menial jobs while paying back exorbitant loans.

So far very little legislation has been passed to aid students in paying back their loans, and many blame politicians. However, the situation goes deeper than this and lies, in part, with a little-known institution called the American Bankers Association.

According to its website, the ABA is "the voice of the nation's $14 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $11 trillion in deposits and extend nearly $8 trillion in loans." The ABA believes that "laws and regulations should be tailored to correspond to a bank's charter, business model, geography and risk profile."

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