DEFEAT OF BANKING REFORM BILL IS POSITIVE STEP FOR INDUSTRY, SAYS NATIONAL COUNCIL OF COMMUNITY BANKERS
DEFEAT OF BANKING REFORM BILL IS POSITIVE STEP FOR INDUSTRY,
SAYS NATIONAL COUNCIL OF COMMUNITY BANKERS
WASHINGTON, Nov. 4 /PRNewswire/ -- The dramatic defeat of banking reform on the floor of the House of Representatives this evening represents a victory for a sensible evolution of the industry, according to the National Council of Community Bankers.
"Banking reform started out with good intentions last January," said the National Council's Vice President and Legislative Counsel Peter Brereton. "It evolved rapidly as the road to industry decline. With all of their problems, banks are better off today without the cutbacks in powers and restrictions on services that were contained in the final version of the House's banking bill. Over 300 members of Congress recognized this fact and voted accordingly."
The National Council has for the past several weeks supported a narrow bill that would provide funding for the Bank Insurance Fund while leaving questions of changes to the structure of the industry to a later date. "It is now up to the House to pass a narrow BIF funding bill so that dying institutions can be laid to rest and the healthy segment of the industry can move forward," said Brereton.
The National Council supports passage of a much narrower bill in the Senate, which is scheduled to consider the measure later this week.
The National Council of Community Bankers (formerly the National Council of Savings Institutions) represents approximately 350 insured depository institutions dedicated to serving the financial services needs of their communities. Members have over 4,000 branches nationwide.
/CONTACT: Charlotte LeGates of the National Council of Community Bankers, 202-857-3145, or home, 202-775-2632/ CO: National Council of Community Bankers ST: District of Columbia IN: FIN SU: PS -- NY094 -- 0989 11/04/91 19:42 EST