WASHINGTON — A trade association representing the nation’s largest banks is launching a new nonprofit group that plans to spend tens of millions of dollars to more aggressively shape public opinion and tell the banking industry’s story, according to a new report.
The Financial Services Forum, which represents the eight largest U.S. banks, is creating the American Growth Alliance, a so-called social welfare organization that will seek to inform voters and raise awareness about the industry’s role in the economy, Axios reported. The group will be organized as a 501(c)(4), allowing it to fund public education campaigns and, to a more limited extent, politically active organizations.
The move marks a shift for the largest banks, which largely retreated from public advocacy after the 2008 financial crisis and focused instead on behind-the-scenes engagement in Washington, according to Axios. Under new leadership, the forum is now aiming for a more visible and assertive strategy.
‘Loud & Proud’
“We’re loud and proud of who we are and what we stand for,” Amanda Eversole, president and CEO of the Financial Services Forum, told Axios. “We’re going to be much more affirmative in saying, ‘We have a lot of positive benefits to the economy.’”
Eversole, who previously worked at the American Petroleum Institute, joined the forum about three months ago and is charting a more aggressive public engagement approach. She said the new group will emphasize the role banks play in economic growth and will seek support from both Republicans and Democrats.
The forum spent about $28 million in 2024, according to Axios. The new American Growth Alliance will be seeded with “tens of millions of dollars” to fund its activities, Eversole said.
Increasing Policy Disputes
As a 501(c)(4), the group must devote more than half of its spending to public education efforts, such as issue advertising that does not explicitly back political candidates. A smaller portion of its budget may be directed to independent-expenditure groups, which can more directly support or oppose candidates, noted Axios.
The effort comes as banks face increasing policy disputes with the fast-growing crypto industry, which has invested heavily in political advocacy. Eversole said the forum is prepared to play a larger role in future debates over banking and financial policy.
