Printer Friendly

CHASE MANHATTAN STATEMENT ON CREDIT CARD RATES

 CHASE MANHATTAN STATEMENT ON CREDIT CARD RATES
 NEW YORK, Nov. 14 /PRNewswire/ -- Robert R. Douglass, vice chairman


of The Chase Manhattan Bank, today issued the following statement:
 "The failure of the U.S. Congress to come to grips with the nation's pressing need for bank reform, after yet another full year of deliberation, is deplorable.
 "Instead of reform, the Congress has reverted to a series of anti-competitive, short-sighted, regressive actions that are out of step with the needs of the American public and the direction of the rest of the world.
 "The Senate's most recent grandstand amendment to cap credit card rates and return the nation to unwanted, unneeded and counterproductive price controls is a sorry spectacle -- equivalent to limiting the price a manufacturer can charge for a refrigerator or an automobile or a toaster oven. If passed, this provision, combined with the liberal personal bankruptcies rules enacted by Congress, would undoubtedly result in a cutback of billions of dollars in consumer credit, especially to lower and middle income consumers who need credit the most.
 "We estimate that for Chase this would mean a credit reduction of as much as $15 billion. In addition, in the longer-term, this action would result in the elimination of thousands of jobs in bank and other credit card operations across the U.S.
 "It is ironic that a nation that should be regarded as the strongest economic power in the world is today -- in the area of bank reform -- considered a laughing stock by our foreign competitors."
 -0- 11/14/91
 /CONTACT: Ken Mills of Chase, 212-552-4503/
 (CMB) CO: Chase Manhattan Bank ST: New York IN: FIN SU: JT -- NY097 -- 4578 11/14/91 16:29 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 14, 1991
Words:283
Previous Article:PROVIDENT BANCORP RECEIVES REGULATORY APPROVALS FOR HUNTER SAVINGS ASSOCIATION MERGER
Next Article:NORTHWEST POWER PLANNING COUNCIL: SALMON LISTING EMPHASIZES NEED FOR REGIONAL RECOVERY PLAN
Topics:


Related Articles
CHASE MANHATTAN CORPORATION PLACED ON RATING WATCH-FAVORABLE BY DUFF & PHELPS
DUFF & PHELPS: CHASE MANHATTAN CORPORATION CREDIT RATINGS PLACED ON RATING WATCH -- UP
DUFF & PHELPS: CHASE MANHATTAN CORPORATION CREDIT RATINGS UPGRADED
DUFF & PHELPS: CHASE MANHATTAN CORPORATION $150 MILLION SUBORDINATED NOTES RATED 'A-'
CHASE MANHATTAN CREDIT RATING UPGRADED BY IBCA
DCR RATES 'A' THE CHASE MANHATTAN CORP.'S $200 MILLION SENIOR NOTE ISSUE
/FIRST AND FINAL ADD -- NYTU074 -- THE CHASE MANHATTAN CORPORATION EARNINGS/
/ADD -- NYTU055 -- CHASE MANHATTAN CORPORATION/
DCR Upgrades Chase Manhattan
/FIRST ADD -- NYTU059 -- CHASE MANHATTAN CORPORATION/

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters