Banks taking ‘wait-and-see attitude’ on economy through years end

YOUNGSTOWN, Ohio (WYTV) – Banking executives say its too early to know how the nation’s economy will continue through the end of year.

Officials with Chemical Bank say there continues to be a wait-and-see attitude on what actions lawmakers on Capitol Hill take for reforming the financial sector.

But for the time being, their customers believe the economy remains strong.

“How long that will last is anybody’s guess,” said Bob Kempe of Chemical Bank. “I think what happens in Washington will have an impact on that. And I think we just have to wait and see what kind of legislation they get passed through the end of the year.”

Kempe says reforming the nation’s tax code and loosening certain financial regulations would give a boost to the economy by cutting costs in the banking industry and leaving more money in taxpayer’s pockets.