SENATE INSURANCE & COMMERCE CHAIR Wants Bankers ‘At The Table’

SEN. BLAKE JOHNSON, R-Corning, will be chairing the Senate Insurance & Commerce committee and his agricultural background and common-sense attitude is likely to drive his oversight.

Johnson, a farmer, represents Senate District 21, which includes all of Clay, Greene and Randolph counties and the northeast part of Lawrence County. He has been a State Senator for a decade and will not only chair Insurance and Commerce this session, but also serve on Judiciary, Joint Energy, Efficiency and the Joint Budget committees in the 95th General Assembly. He’ll also be serving as Senate Majority Leader.

Despite that hectic schedule, Insurance & Commerce will be a priority.

“I think with everything there is involved with Insurance and Commerce, it’s a pretty important committee,” said Johnson. “I know there’s some challenges coming up with the insurance market. I’m also kind of hopeful for the banking side of things where interest rates hopefully can start to go back down a little bit and optimism in the economy will pick back up after the [new] administration takes place.”

Johnson believes that rising insurance costs due to years of calamities, and a crisis brewing between pharmacists and PBMs [pharmacy benefit managers] will be a major debate in the committee he will chair.

He’s not expecting any major clashes dealing with banking issues this session. Johnson feels most of that action will be at the federal level and deal with regulation and Fed interest rate activity.

“As for banking, I don’t know how the regulatory issues will play out with the new administration. Hopefully lending and some of the restrictions will be relaxed on the regulatory side to where lenders will be able to get our economy started again,” he said.

What’s good for banking will likely be good for farmers, and that’s a key focus for him.

“The more involved and more opportunistic and more optimistic individuals in Arkansas are who want to start a business or grow their business, bankers give them a better chance. Not everybody has the capital to do it by themselves, and it’s a necessity for the banking industry to be strong. Not just for people depositing money, but banks being able to lend the money at a rate that’s agreeable to the business owner,” said Johnson.

“Hey look, bankers are our community. They need to come speak to us and let us know what their issues are. It’s vital for them to be engaged with the legislature with what they do at the state and local level. Lorrie and her team at the ABA do a good job of that. The more engaged they are, the better off their industry is if they’re engaged with the legislature,” he added. “If you’re not at the table, somebody’s gonna eat your food.”