Congressman Mike Michaud sent a letter to Brian Moynihan, the CEO of Bank of America (BOA), urging him to consider the economic impact of BOA's plan to lay off 30,000 workers on Maine towns and families. A list of Maine communities with BOA banking centers can be found here.

"While I understand that you need to take steps to maintain the financial health of the bank, it is equally important to recognize that you received substantial assistance from American taxpayers to get through the financial crisis," wrote Michaud, who voted against the Wall Street bailout. "You now have an opportunity to repay that debt by taking every step possible to ensure that the restructuring of the bank does not disproportionally affect a particular state, region or community."

The full text of the letter.

Brian Moynihan
Chief Executive Officer
Bank of America
100 North Tryon Street
Charlotte, NC 28255

Dear Mr. Moynihan,

In light of the recent news that Bank of America will lay off as many as 30,000 employees over the next two to three years, I am writing to ask that you consider the economic impact that these cuts could have on Maine towns and families. As our fragile economy continues to recover, Bank of America should work to ensure that these actions have the minimal effect possible on our economy and do not fall entirely on one region or a handful of communities.

Bank of America employs hundreds of Mainers at three call centers in Brunswick, Belfast, and Orono. Additionally, your company operates 34 banking centers throughout the state. Mainers, as well as the economic health of their communities, depend on these jobs. While I understand that you need to take steps to maintain the financial health of the bank, it is equally important to recognize that you received substantial assistance from American taxpayers to get through the financial crisis. You now have an opportunity to repay that debt by taking every step possible to ensure that the restructuring of the bank does not disproportionally affect a particular state, region or community.

As you move forward, I hope that you will follow your pledge to eliminate the bulk of these jobs through attrition and the elimination of unfilled roles. Additionally, I urge you to ensure that current employees understand how future cuts could affect them, their families, and their communities. Most importantly, I ask that Bank of America consider the impact that layoffs could have on the economy in a particular area and factor that into the decision-making progress.

I appreciate you taking the time to consider this request. I look forward to working with you to ensure that any actions that you take minimize the impact on the Maine economy.

With warmest regards,

Michael H. Michaud
Member of Congress