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FLEET FINANCIAL GROUP CHAIRMAN TERRENCE MURRAY ENDORSES PRESIDENT CLINTON'S BANKING REGULATORY PROGRAM

 PROVIDENCE, R.I., March 10 /PRNewswire/ -- Terrence Murray, chairman and chief executive officer of Fleet Financial Group, (NYSE: FLT) was among a group of bankers, small business executives and members of Congress and other public officials invited to join President Clinton in his announcement today of a program aimed at easing the credit crunch by reforming banking regulations.
 Following the announcement in Washington, Murray endorsed President Clinton's program, commenting, "The President's action today is a very timely and welcome development acknowledging that bold and effective action by bank regulators and the banking community is necessary to deal with the credit crunch that exists in many parts of the country, particularly in the Northeast."
 Murray added, "This package of regulatory reforms will increase the availability of bank capital for more lending. It will help get money into the hands of creditworthy borrowers, and it will help make it possible for banks to put money into economically disadvantaged areas. The President, his new Administration and the regulators deserve to be commended for their work on this package, as well as the members of the New England Congressional delegation, particularly those who serve on the Banking Committees: Congressman Barney Frank and Joe Kennedy and Senators John Kerry and Chris Dodd."
 "The real estate provisions in the President's package should stimulate badly needed activity in the commercial real estate markets, which will have a beneficial impact on the economy of the Northeast and elsewhere."
 Murray stated, "It is now up to those of us in the financial services industry to work aggressively with the regulators, the business community and consumers to stimulate more lending and assure that our country's economic recovery is accelerated through greater business development and job creation."
 In addition to endorsing the President's plan for dealing with the credit crunch, Murray called on the President and the Congress to "move quickly on the legislative front to further streamline and make more efficient our nation's banking system. The single most important action Congress could take would be to enact interstate banking and branching legislation since this will strengthen the safety and soundness of the banking system by diversifying risk, generate additional bank capital for more lending and decrease administrative expenses and the cost of regulatory oversight," Murray said.
 Fleet Financial Group is a $47-billion diversified financial services company listed on the New York Stock Exchange with approximately 1,200 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, investment management and student loan processing.
 -0- 3/10/93
 /CONTACT: Robert W. Lougee, Jr., vice president and director of corporate communications, 401-278-5879; Bruce P. Crooks, 401-278-6241; Thomas L. Lavelle, 401-278-3003; Judith B. Ragge, 401-278-6444/
 (FLT)


CO: Fleet Financial Group ST: Rhode Island IN: FIN SU:

CH -- NE015 -- 4833 03/10/93 16:59 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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