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Garn opposed a call for interstate banking.

May 09, 1985

Federal Reserve Chairman Paul A. Volcker won some support in seeking legislation to clear up confusion in the banking industry, but his call for interstate banking authorization was opposed by Sen. Jake Garn (R-Utah), chairman of the Senate Banking Committee. "There ain't no way we're going to put that provision in this bill," said Garn, referring to a measure before the panel. Interstate banking is prohibited by federal law, except where individual state laws endorse it. Garn and others on the committee were more receptive to Volcker's plea for congressional action in legal areas where courts, regulators and state legislatures are setting banking policy.

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