Pilot Bank President Rita Lowman On White House, Tax Reform

Lowman was Florida’s representative for banking at White House

Six months after President Trump and Congress put the newest round of tax reforms to work, the White House hosted representatives all across the country to discuss the impact and benefits of the reforms. Florida’s representative for the banking industry was Rita Lowman, President of Pilot Bank. Rita joined Chris Ingram on Friday to discuss the meetings on Pennsylvania Avenue, as well as her passion for the banking industry.

Lowman discussed some of the success stories of the tax bill that she heard during the visit, including people who will be able to go to college because of money they’ve made from the reform bill. “It’s not about being Democratic or Republican,” Lowman says, “it’s about being an American.”

It is an ideal climate for business in Washington at the moment, suggests the executive. She champions the latest round of tax reforms, and the welcoming air toward business given by the Trump administration.

During the visit, Lowman was able to visit with the president briefly, but spent quite a bit of time speaking to Vice President Mike Pence as well as Secretary of Commerce Wilber Ross Jr.

Pilot Bank has taken advantage of this administration’s impact on the tax code, having awarded bonuses with money saved in the new paradigm. Lowman goes on to discuss Senate Bill 2155, a banking-oriented bill that was passed with votes including those from both of Florida’s senators. If the bill passes to ease regulations on the banks, it will allow banks like Pilot to invest money into the community that they would otherwise spend employing compliance officers.

Chris and Rita continue by discussing credit unions, and suggesting that some of the larger ones are getting unfair tax breaks. The tax exemptions they receive mean that credit unions pay less tax than the average family of four. Pilot Bank’s president suggests that this is something that needs to change, both for fairness in the market and the protection of consumers.

Listen to the Chris Ingram Program, weekday mornings from 10-noon on AM 820 News Tampa Bay and 98.3 FM Pinellas County.