News Release: 2017’s First Occupational Licensing Reform Becomes Law
Contact: Adam Weinberg
Jim Vokal’s Statement on Signing of Banking Occupational Licensing Reform
OMAHA, NE (March 29, 2017) – This is the statement of Platte Institute Chief Executive Officer Jim Vokal upon the signing of LB140e, which included the language of LB341, an occupational licensing reform making bank executive officer licensing at state-chartered banks optional:
“The Nebraska Legislature and Governor Ricketts have shown good leadership by working together to pass this session’s first major occupational licensing reform measure. Prior to the signing of this legislation, Nebraska was the only state in the country that required licensing for bank executive officers.
Because of how banks are regulated at different levels of government, on the same street corner in Nebraska, one bank’s employees could face this licensing requirement, while another bank across the street may not.
The Federal Trade Commission reports that over 1,000 occupations nationally are licensed in only one state as bank executive officers were before today. Providing a way to opt out of this requirement ends an unnecessary and uniquely burdensome tax of time and money on Nebraska-based businesses, and removing these barriers should always be treated as an emergency.
The Platte Institute encourages the Legislature to continue the important work of advancing the many other needed occupational licensing reform bills introduced in this year’s session,” said Vokal.
A bank executive officer is an employee of a bank given the legal capacity to agree to and sign documents on behalf of the institution. The title is usually held by branch managers, assistant managers, loan officers, and other experienced personnel. Because LB104e contains an emergency clause, the law takes effect immediately upon the governor’s signing.
To arrange an interview on this topic, please contact Adam Weinberg at (402) 452-3737 or at firstname.lastname@example.org and learn more about occupational licensing reform at PlatteInstitute.org/Jobs.
The Platte Institute advances policies that remove barriers to growth and opportunity in Nebraska.