May 9, 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.
June 26, 1991 |
A Bush Administration proposal to permit full interstate banking within three years narrowly survived a key test in the House Banking Committee on Tuesday. The panel rejected on a 26-23 vote an amendment that would have allowed states to block branch offices from out-of-state banks. Then, on a 25-24 vote, it defeated an amendment by Rep. Jim Leach (R-Iowa) that would have offered interstate banking only to the strongest banks. The first amendment, a combination of proposals offered by Reps.
June 13, 1985 |
Treasury Secretary James A. Baker III today endorsed a shift to nationwide interstate banking in mid-1990, but without the tight restraints on bank mergers approved by a House committee. Members of the Senate Banking Committee told Baker that they will continue to fight any move that goes beyond the Supreme Court's decision Monday that allows states to join regional banking compacts that exclude other states.
May 23, 1991 |
Congress took a major step toward approving full interstate branch banking Wednesday, which could significantly alter the structure of the American banking industry. The vote by the House Banking, Finance and Urban Affairs subcommittee on financial institutions represented one of the first major victories for the Bush Administration in its campaign to push a sweeping banking reform plan through Congress.
March 10, 1986
The California League of Savings Institutions said it will oppose efforts to establish national reciprocal interstate banking in California. Instead, the trade group will support legislation pending in Sacramento to authorize interstate banking involving the institutions in nine Western sates. Gerald D.
September 30, 1994 |
A landmark bill permitting U.S. banks to operate branches across state lines, which President Clinton signed into law on Thursday, could have numerous implications for consumers. Experts do not expect dramatic changes because interstate banking, in which bank holding companies own banks in other states, is already a fact of life in many states. But the law will expand interstate banking to the few states that currently do not allow it.