Texas Officials Recommend Interstate Banking Bill

By Garth Jones, Ap | THE JOURNAL RECORD, August 2, 1986 | Go to article overview

Texas Officials Recommend Interstate Banking Bill


Garth Jones, Ap, THE JOURNAL RECORD


AUSTIN - State Treasurer Ann Richards and Banking Commissioner James Sexton recommended Thursday that the Aug. 6 special legislative session consider an interstate banking bill, with proper safeguards for Texas banks.

""Current opinion holds that interstate (banking) would be a partial solution to Texas banking problems,'' Richards said.

""I think interstate banking can be part of the solution but I do not consider it a panacea. Interstate banking will not take bad loans our bank books nor will it heal out economy,'' she said.

""Why not do it now?'' Sexton told a joint meeting of the Senate Economic Development Committee and the House Financial Institutions Committee. ""Texas banks need the capacity to go outside and getsome capital. We would take unnecessary chances by waiting (until the 1987 Legislature.''

The joint committee met Thursday to decide whether to ask Gov. Mark White to put interstate banking on the special session agenda. So far, White has called the session only to consider cuts in state spending.

Sexton said the special session also should consider a proposed constitutional change on drive-in banking facilities. Attorney General Jim Mattox has ruled unconstitutional a 1985 law that allows drive-in, walk-in facilities up to 20,000 feet from the original bank building.

""We hope that interstate banking will produce capital and it will produce new deposits for Texas,'' Richards said. …

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