Fed Governor Criticizes 'Rush' to Regional Banking
Smith, Franklin L., American Banker
NEW YORK -- A Federal Reserve Board governor Thursday criticized "the rush to pass regional interstate banking laws.
"These laws are clearly designed to permit mergers among the largest banks within each region," Emmett Rice said. "Thus far, the bulk of the interstate activity has consisted of the acquisitions of relatively large firms by even larger firms. Because the merging banks did not compete in the same geographic markets, the antitrust laws did not prevent their merger."
Urging Congress to act on the matter, Mr. Rice said, "Change should not be a product of legal loopholes but should result from carefully formulated policies consistent with the long-term …
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Publication information: Article title: Fed Governor Criticizes 'Rush' to Regional Banking. Contributors: Smith, Franklin L. - Author. Magazine title: American Banker. Volume: 149. Publication date: June 22, 1984. Page number: 3. © 2009 SourceMedia, Inc. COPYRIGHT 1984 Gale Group.
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